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 creating compounds that target specific biological pathways. Also employed in the preparation of fluorescent probes due to its ability to form stable derivatives with luminescent properties, useful in bioimaging and molecular sensing. Commonly utilized in research settings for constructing complex heterocyclic systems in drug discovery programs.