Widely utilized in pharmaceutical research, it serves as a key intermediate in the synthesis of various biologically active compounds. Its structure is particularly valuable in the development of antiviral and anticancer agents, where it acts as a core scaffold to enhance drug efficacy and selectivity. Additionally, it is employed in the creation of fluorescent probes for biochemical studies, aiding in the visualization of cellular processes. Its derivatives are also explored in material science for designing organic electronic components due to their unique electronic properties.