Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and other biologically active compounds. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for creating targeted drug candidates. Also employed in the preparation of radiolabeled compounds for imaging studies due to the presence of iodine, which can be substituted with radioactive isotopes. Additionally, it serves as a building block in the formation of heterocyclic compounds used in agrochemicals and materials science.