Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of drugs targeting central nervous system disorders and oncology. Its structure allows for selective functionalization, making it valuable in creating complex organic molecules through cross-coupling reactions like Suzuki or Heck reactions. Also employed in agrochemicals for the production of pesticides and herbicides due to its ability to enhance bioactivity. Commonly utilized in research laboratories for labeling and radiotracing when isotopically modified, aiding in metabolic studies and drug discovery.