Licorice root is used to soothe gastrointestinal problems. In cases of food poisoning, stomach ulcers, and heartburn, licorice root extract can speed the repair of the stomach lining and restore balance. This is due to the anti-inflammatory and immune-boosting properties of glycyrrhizic acid. (healthline.com)

Licorice root is promoted as a dietary supplement for conditions such as digestive problems, menopausal symptoms, cough, and bacterial and viral infections. Licorice gargles or lozenges have been used to try to prevent or reduce the sore throat that sometimes occurs after surgery... 

Although licorice root is generally considered safe as a food ingredient, it can cause serious side effects, including increased blood pressure and decreased potassium levels, when consumed in large amounts or for long periods of time. https://www.nccih.nih.gov/health/licorice-root

From the manufacturer: 

The taste is sweet and flat in nature. It enters the Lung, Spleen, and Stomach meridians.

Effect: It can invigorate the spleen and qi, clear away heat and detoxify, eliminate phlegm and relieve cough, relieve emergency and relief pain, harmonize various herbal medicines. Indications: It is used for spleen and stomach weakness, fatigue, palpitation, shortness of breath, coughing and excessive sputum, abdominal and extremity contractures, acute pain, carbuncle swelling, and sores. It can be used to relieve [herbal] drug toxicity and potency.

Cautions: It is not suitable for use with seaweed, Beijing Euphorbia, Red Euphorbia, Kansui, and Daphne.