This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting kinase enzymes. Its structure is often incorporated into compounds designed for cancer therapy, as it can inhibit specific kinases involved in tumor growth and proliferation. Additionally, it is employed in the development of radiopharmaceuticals, where the iodine atom can be replaced with radioactive isotopes for imaging or therapeutic purposes. Its versatility also extends to research applications, where it is used to study enzyme mechanisms and signal transduction pathways.