This compound is primarily utilized in the field of medicinal chemistry due to its structural properties, which make it a valuable scaffold for developing pharmacologically active molecules. It is often explored as a precursor or intermediate in the synthesis of compounds targeting various biological pathways. Its derivatives have shown potential in the development of drugs with anti-inflammatory, antimicrobial, and anticancer properties. Additionally, its unique heterocyclic structure is of interest in the design of new therapeutic agents, particularly for neurological disorders and infectious diseases. Researchers also investigate its role in creating fluorescent probes or sensors for biochemical studies due to its optical properties.