Used as an intermediate in the synthesis of biologically active compounds, particularly in pharmaceuticals targeting central nervous system disorders and anti-inflammatory agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for developing kinase inhibitors and antimicrobial agents. Also employed in the preparation of fluorescent probes for biochemical imaging due to its favorable photophysical properties when incorporated into conjugated systems. Commonly utilized in cross-coupling reactions to form carbon-heteroatom bonds in drug discovery research.