Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and kinase inhibitors. Its structure allows for selective functionalization, making it valuable in creating biologically active compounds. Commonly employed in cross-coupling reactions such as Suzuki or Heck reactions to build complex heterocyclic systems. Also utilized in agrochemical research for designing novel active ingredients. The hydroxyethyl group enables further derivatization, enhancing its utility in medicinal chemistry.