Used primarily in the synthesis of pharmaceutical compounds, it serves as an intermediate in the production of various drugs, particularly those targeting inflammation and pain. Its role in organic synthesis is crucial for creating molecules with potential therapeutic effects. Additionally, it finds application in the development of dyes and pigments due to its ability to form stable, colored complexes. In research, it is utilized in biochemical studies to understand enzyme interactions and mechanisms, aiding in the discovery of new bioactive compounds. Its properties make it valuable in both industrial and academic settings for advancing chemical and pharmaceutical innovations.