Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antiviral and anticancer agents. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for constructing heterocyclic compounds. It is also employed in agrochemical research for designing novel pesticides and herbicides due to its reactivity and stability under various reaction conditions. Additionally, it serves as a building block in the preparation of fluorescent dyes and optoelectronic materials.