Used primarily as an intermediate in organic synthesis, especially in the production of pharmaceuticals. It serves as a building block for anti-inflammatory and analgesic agents due to its structural similarity to certain non-steroidal anti-inflammatory drugs (NSAIDs). Its hydroxy and carboxylic acid functional groups allow for easy modification, making it valuable in creating esters, amides, and other derivatives for drug development. Also employed in the synthesis of chiral compounds where stereochemistry plays a critical role in biological activity.