Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) for drugs targeting central nervous system disorders and anti-inflammatory agents. Its structure allows for selective functionalization, making it valuable in creating complex heterocyclic compounds. Also employed in agrochemicals for the production of herbicides and pesticides due to its ability to enhance bioavailability and target specificity. Commonly utilized in cross-coupling reactions such as Suzuki and Negishi couplings in medicinal chemistry research.