Used as a key intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of serotonin receptor modulators and antipsychotic drugs. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for building complex heterocyclic systems. Also employed in the preparation of organic semiconductors and fluorescent dyes due to its electron-rich aromatic framework. Commonly utilized in cross-coupling reactions such as Suzuki and Heck reactions to form C–C bonds in advanced organic synthesis.