Used as a key intermediate in the synthesis of flavonoid-based pharmaceuticals, particularly in the development of antioxidants and anti-inflammatory agents. Its structure supports the creation of compounds with free radical scavenging properties, making it valuable in research on neurodegenerative diseases and cancer. Also employed in the preparation of fluorescent probes for biochemical imaging due to its inherent photoluminescent characteristics. Commonly utilized in studies involving enzyme inhibition, especially targeting kinases and cyclooxygenases, contributing to drug discovery in metabolic and cardiovascular disorders.