This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting inflammation and pain management. Its structural framework is often incorporated into the design of nonsteroidal anti-inflammatory drugs (NSAIDs) due to its ability to inhibit cyclooxygenase (COX) enzymes, which play a role in inflammatory processes. Additionally, it is explored in the development of antiviral and anticancer agents, leveraging its potential to interact with specific biological targets. Researchers also investigate its use in creating fluorescent probes for biochemical studies, owing to its unique chemical properties.