This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting therapeutic areas such as inflammation, infectious diseases, and cancer. Its structure is often incorporated into drug candidates to enhance binding affinity or modulate pharmacokinetic properties. Additionally, it is employed in medicinal chemistry for the design of novel compounds with potential applications in treating neurological disorders. Researchers also explore its use in creating fluorescent probes for biological imaging studies due to its unique chemical properties.