Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals. Its functional groups allow for selective substitutions, making it valuable in building complex organic molecules. Commonly employed in the preparation of benzofurans and other heterocyclic compounds. Also utilized in the development of radiolabeled compounds for research due to the presence of bromine, which can be replaced with isotopes for tracing. Suitable for cross-coupling reactions in medicinal chemistry and material science applications.