Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and anxiolytic agents. Its structure allows for selective modification, making it valuable in medicinal chemistry for creating compounds with central nervous system activity. Also employed in the preparation of fluorescent probes and materials for organic electronics due to its heterocyclic framework. Commonly utilized in cross-coupling reactions such as Suzuki and Buchwald-Hartwig to build complex molecules in drug discovery.