Used in the synthesis of pharmaceuticals, particularly as an intermediate in the production of drugs targeting central nervous system disorders. It serves as a building block in the development of nootropic and neuroprotective agents. Also employed in the preparation of agrochemicals, contributing to the creation of certain herbicides and plant growth regulators. Its structure allows for easy modification, making it valuable in medicinal chemistry for designing new bioactive molecules. Additionally, it finds use in research laboratories for developing fluorescent probes and sensors due to its favorable photochemical properties.