This chemical is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. It is particularly valuable in the pharmaceutical industry for the creation of compounds with potential biological activity, such as antimicrobial or antitumor agents. Its structure allows for further functionalization, making it a versatile building block in drug discovery and medicinal chemistry. Additionally, it may be employed in the synthesis of heterocyclic compounds, which are often explored for their therapeutic properties. Researchers also use it in the development of fluorescent probes or sensors due to its unique chemical framework.