This compound is primarily utilized in biochemical research as a potent and selective inhibitor of phospholipase A2 (PLA2), an enzyme involved in the inflammatory response. By inhibiting PLA2, it helps in studying the pathways and mechanisms of inflammation and related disorders. It is also used in pharmacological studies to explore potential therapeutic agents for conditions like arthritis, asthma, and other inflammatory diseases. Additionally, it serves as a valuable tool in understanding lipid metabolism and signal transduction processes in cellular systems.