Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of antipsychotic drugs. It serves as a core structure in some neuroleptic agents due to its ability to interact with dopamine receptors. Also employed in the preparation of bioactive molecules and heterocyclic compounds for medicinal chemistry research. Its derivatives show antimicrobial and anti-inflammatory activities, making them valuable in drug discovery. Additionally, it is used in the design of fluorescent probes and sensors owing to its favorable photophysical properties.