Widely used in organic synthesis, this compound serves as a key intermediate in the preparation of pharmaceuticals and agrochemicals. It is particularly valuable in the construction of complex molecules through palladium-catalyzed coupling reactions. Its structure allows for efficient transformation into bioactive benzofuran and indole derivatives, which are common scaffolds in drug discovery. Additionally, it is employed in the synthesis of selective enzyme inhibitors and receptor modulators due to its favorable reactivity and stability under various reaction conditions.