Used primarily as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for creating analogs with enhanced biological activity. It is also employed in the preparation of fluorescent probes due to its ability to undergo specific derivatization reactions, useful in biochemical imaging and assay development. Additionally, it serves as a building block in the design of novel heterocyclic compounds for drug discovery research.