This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting neurological and cardiovascular disorders. Its structure is often incorporated into drug candidates due to its potential to enhance binding affinity and selectivity towards specific receptors. Additionally, it is explored in the synthesis of novel heterocyclic compounds, which are valuable in medicinal chemistry for their diverse therapeutic applications. Researchers also investigate its role in creating fluorescent probes or sensors for biochemical studies, leveraging its unique electronic properties.