Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other CNS-active compounds. Its structure allows for selective derivatization, making it valuable in medicinal chemistry for creating analogs with enhanced biological activity. Also employed in the preparation of fluorescent probes and organic semiconductors due to its electron-rich aromatic framework. Commonly utilized in cross-coupling reactions such as Suzuki and Wittig reactions to build complex molecules for drug discovery and materials science.