This compound is primarily utilized in pharmaceutical research and development due to its potential biological activity. It serves as a key intermediate in the synthesis of various therapeutic agents, particularly those targeting enzymes or receptors in diseases like cancer and inflammation. Its structural framework is often incorporated into molecules designed to inhibit specific proteins or pathways, making it valuable in drug discovery. Additionally, it is explored in the development of fluorescent probes for biochemical studies, aiding in the visualization and understanding of cellular processes. Its versatility and reactivity make it a useful building block in organic chemistry for creating more complex, biologically active molecules.