Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and cannabinoid receptor modulators. Its structural features allow for selective derivatization, making it valuable in medicinal chemistry for optimizing drug potency and metabolic stability. Also employed in agrochemical research for designing bioactive molecules with pesticidal or fungicidal activity. Commonly utilized in Suzuki and other cross-coupling reactions to build complex aromatic systems in drug discovery programs.