Used primarily as an analytical reference standard in pharmaceutical research, this compound serves as a key intermediate in the synthesis of aspirin derivatives and other acetylated aromatic compounds. It is employed in the development and validation of analytical methods such as HPLC and mass spectrometry due to its well-defined ester and amide functional groups. Its structural similarity to both paracetamol and aspirin makes it valuable in studying metabolic pathways and drug conjugation reactions. Additionally, it is used in stability testing and impurity profiling of related drug substances.