Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents and analgesic compounds. Its structure allows for selective functionalization in multi-step organic reactions, making it valuable in medicinal chemistry for building complex aromatic frameworks. Commonly employed in cross-coupling reactions such as Suzuki or Heck reactions to form biaryl systems. Also utilized in the preparation of radiolabeled derivatives for use in drug discovery and metabolic studies due to the presence of iodine, which facilitates tracking and imaging.