Used in pharmaceutical research as a key intermediate in the synthesis of bioactive compounds, particularly in the development of anti-inflammatory and anticancer agents. Its structural framework supports the design of kinase inhibitors, which are important in targeted cancer therapies. Also investigated for its potential in treating neurodegenerative diseases due to its ability to cross the blood-brain barrier and modulate enzyme activity. Additionally, it serves as a building block in the creation of fluorescent probes for biochemical imaging and sensor applications.