Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of kinase inhibitors and anxiolytic drugs. Its structure allows for selective modification, making it valuable in medicinal chemistry for creating compounds with central nervous system activity. It is also employed in the preparation of fluorescent dyes and optoelectronic materials due to its heterocyclic framework. Commonly utilized in research settings for generating novel bioactive molecules through cross-coupling and nucleophilic substitution reactions.