This compound is primarily utilized in pharmaceutical research and development as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the creation of compounds that target specific enzymes or receptors, making it useful in drug discovery for treating diseases such as cancer, neurological disorders, and infections. Additionally, it serves as a building block in organic chemistry for constructing more complex heterocyclic compounds, which are often explored for their potential therapeutic properties. Its application extends to the development of fluorescent probes and imaging agents, aiding in biological studies and diagnostic research.