Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the production of antimalarial drugs. It serves as a building block in coordination chemistry, forming complexes with metal ions for use in catalysis and luminescent materials. Also employed in the development of fluorescent probes and sensors due to its ability to chelate metal ions and enhance optical properties. Its derivatives are explored in materials science for organic semiconductors and in medicinal chemistry for anticancer and antimicrobial agents.