This chemical is primarily utilized in pharmaceutical research and development, particularly in the synthesis of various biologically active compounds. It serves as a key intermediate in the creation of potential therapeutic agents, including those targeting neurological disorders and certain types of cancers. Its unique structure allows it to interact with specific biological pathways, making it valuable in the design of novel drugs. Additionally, it is explored in the development of fluorescent probes and imaging agents, aiding in the study of cellular processes and disease mechanisms. Its applications are largely confined to laboratory settings, where it contributes to advancements in medicinal chemistry and drug discovery.