Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors and anticancer agents. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for designing drugs that target specific biological pathways. It is also employed in the preparation of fluorescent probes and dyes due to its ability to form stable derivatives with optical properties. Additionally, it serves in agrochemical research for creating novel pesticides with improved efficacy and selectivity.