Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and neuroprotective compounds. Its structure supports activity in dopaminergic and serotonergic pathways, making it valuable in research on neurological disorders. Also employed in the preparation of dyes and fluorescent probes due to its aromatic and electron-donating properties. Commonly utilized in medicinal chemistry for scaffold modification to enhance drug bioavailability and receptor selectivity.