Used primarily in organic synthesis, this compound serves as a key intermediate in the development of pharmaceuticals, particularly in the creation of drugs targeting neurological disorders and cancers. Its structure is beneficial for designing molecules that interact with specific biological pathways, enhancing drug efficacy. Additionally, it is utilized in the synthesis of fluorescent dyes and sensors, which are applied in biochemical assays to detect and quantify biological molecules. The compound’s stability and reactivity make it valuable in research focused on novel therapeutic agents and diagnostic tools.