Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and anxiolytic agents. Its structure enables functionalization at multiple sites, making it valuable in medicinal chemistry for creating compounds with central nervous system activity. It is also employed in the preparation of fluorescent probes and optoelectronic materials due to its favorable photophysical properties. Commonly utilized in cross-coupling reactions such as Suzuki and Buchwald-Hartwig to build complex bioactive molecules.