This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It is often studied for its role as an intermediate in the synthesis of more complex molecules that exhibit pharmacological properties. Researchers explore its derivatives for possible anti-inflammatory, antioxidant, and anticancer effects, making it a valuable compound in drug development. Additionally, it is investigated for its potential use in treating neurodegenerative diseases, as certain analogs have shown promise in protecting neuronal cells. Its structural framework also makes it a candidate for the development of novel therapeutic agents targeting specific enzymes or receptors in the body.