Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and psychoactive drugs. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for creating analogs of natural products and bioactive molecules. Commonly employed in the preparation of substituted benzodioxoles, which are found in antipsychotic, antidepressant, and cognitive-enhancing compounds. Also utilized in research settings for labeling and tracer studies due to the presence of iodine, enabling radiolabeling with iodine-125 or iodine-131 for imaging and binding assays.