This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It has been studied for its antioxidant properties, which make it a candidate for developing therapeutic agents aimed at reducing oxidative stress in cells. Additionally, its structure suggests potential as a chelating agent, which could be useful in binding and removing metal ions from biological systems or industrial processes. Research has also explored its antimicrobial and anti-inflammatory effects, indicating possible applications in treating infections and inflammatory conditions. Its hydrazide and phenolic groups contribute to its ability to interact with various biological targets, making it a versatile molecule for further pharmaceutical development.