Used in organic synthesis as a key intermediate for the development of pharmaceutical compounds, particularly in the creation of drugs targeting neurological disorders and cancer. It serves as a building block in the synthesis of heterocyclic compounds, which are essential in medicinal chemistry for their biological activity. Additionally, it is employed in the preparation of ligands for metal-catalyzed reactions, aiding in the development of new catalytic processes. Its role in the synthesis of fluorescent dyes and sensors is also notable, contributing to advancements in bioimaging and diagnostic tools.