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 inhibitors targeting specific enzymes, such as phosphodiesterases, which are crucial in treating conditions like cardiovascular diseases and asthma. Additionally, it finds application in the preparation of heterocyclic compounds that exhibit potential anticancer and anti-inflammatory properties. Its role in organic synthesis also extends to the creation of fluorescent dyes and other specialized chemicals used in analytical and diagnostic applications.