Used in the synthesis of pharmaceuticals and agrochemicals due to its reactive aldehyde group and fused heterocyclic structure. It serves as an intermediate in the preparation of bioactive molecules, including anticoagulants and anti-inflammatory agents. Its aromatic system allows for functionalization to create more complex organic compounds. Also employed in the development of fluorescent dyes and optical materials because of its electron-rich framework. Commonly utilized in research settings for constructing novel heterocyclic compounds with potential therapeutic activity.