Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various bioactive molecules, including those with potential antimicrobial, antiviral, and anticancer properties. Its unique structure facilitates efficient binding to biological targets, making it valuable for enzyme inhibition and receptor binding studies, which aid in the discovery of new therapeutic agents. Additionally, it finds applications in material science for developing organic electronic materials due to its distinctive chemical properties. Furthermore, its outstanding optical and chemical properties enable its use in analytical chemistry for the detection and quantification of certain substances.