This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological disorders and cancer. Its structure is often incorporated into the design of kinase inhibitors, which are crucial in regulating cell signaling pathways and have therapeutic potential in treating diseases like Alzheimer's and certain types of cancer. Additionally, it is explored in the development of fluorescent probes for biochemical studies, aiding in the visualization and understanding of cellular processes. Its versatility in forming stable complexes with metals also makes it a candidate for applications in material science, particularly in the creation of luminescent materials.