Used as a key intermediate in the synthesis of non-steroidal anti-inflammatory drugs (NSAIDs), particularly in the development of COX-2 inhibitors. Its structure allows for selective binding and modulation of inflammatory pathways. Also employed in the preparation of fluorescent dyes and optical brighteners due to its extended aromatic system and ability to form stable metal complexes. Commonly utilized in research settings for developing new bioactive molecules and in analytical chemistry as a derivatizing agent for detecting amines and alcohols.