Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and antiviral agents. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for building heterocyclic compounds. It is also employed in the preparation of fluorescent probes and optoelectronic materials due to its electron-deficient aromatic system. Common in cross-coupling reactions like Suzuki and Heck reactions to form biaryl and styryl derivatives for drug discovery and material science.