Used as a photosensitizer in photodynamic therapy (PDT) for cancer treatment, this compound generates reactive oxygen species when exposed to light, enabling targeted destruction of tumor cells. Its porphyrin structure allows selective accumulation in malignant tissues, enhancing treatment precision. Also employed in catalytic reactions involving oxidation processes due to palladium's catalytic properties. Serves as a research tool in studying heme metabolism and metalloporphyrin behavior in biological systems.