Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for building complex aromatic compounds. It is also employed in agrochemical research for designing herbicides and fungicides due to its stability and reactivity in coupling reactions. Commonly utilized in Suzuki and other palladium-catalyzed cross-coupling reactions to form carbon-carbon bonds in advanced organic synthesis.