Used in pharmaceutical research for its antioxidant properties, this compound serves as a building block in the synthesis of bioactive molecules. It shows potential in developing treatments for oxidative stress-related conditions due to its ability to scavenge free radicals. Its structure supports metal chelation, which is useful in designing drugs for neurodegenerative disorders. Additionally, it has been explored in the development of enzyme inhibitors, particularly for cancer and inflammatory diseases. In cosmetic formulations, it is investigated for skin-protective effects against environmental damage.