This contains a number of salicylates. I've used it in the past for headache and general pain relief and it did a fair job. Its chemical structure has some anti-inflammatory effects thanks mostly to the chemical group I mentioned above.
This item your "exfoliating" on your skin with is pretty significant in a chemist world. Because of this item we now have aspirin. Although, there a number of other items chemist would have eventually discovered (many already known at the time) that are similar to this and could have been used to help create aspirin. This was just the biggest player in all of it.