Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of heterocyclic compounds. Its functional groups—aldehyde, hydroxyl, and bromine—allow for selective reactions, making it valuable in building complex molecules. Commonly employed in cross-coupling reactions, condensation processes, and as a precursor in the preparation of bioactive agents. Also utilized in research for developing fluorescent probes due to its ability to form conjugated systems upon derivatization.