Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and anticancer agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for designing bioactive molecules. Also employed in the creation of fluorescent probes and sensors due to its favorable photophysical properties, useful in biochemical imaging and diagnostics. Additionally, it serves as a building block in the preparation of ligands for catalytic reactions in organic synthesis.