Primarily utilized in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly significant in the development of antimicrobial and antiviral agents due to its structural properties, which allow for effective interaction with target enzymes or proteins. Additionally, it finds application in the creation of fluorescent probes for biochemical studies, aiding in the detection and analysis of specific cellular processes. Its role in organic synthesis also extends to the production of complex heterocyclic compounds, which are essential in drug discovery and material science.