Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its thiol group enables conjugation reactions, making it valuable in the preparation of prodrugs and targeted drug delivery systems. Also employed in the creation of specialty polymers and as a building block in organic synthesis where selective functionalization is required. Its ability to bind to gold surfaces makes it useful in biosensors and nanotechnology applications involving surface modification.