Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and anticancer agents. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for designing bioactive molecules. Also employed in the preparation of fluorescent probes due to its photophysical properties, useful in biochemical imaging and sensor technologies. Commonly utilized in cross-coupling reactions such as Suzuki and Buchwald-Hartwig to build complex heterocyclic systems in drug discovery.