Used primarily in the field of organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting cardiovascular diseases due to its structural properties that facilitate the creation of bioactive molecules. Additionally, it finds application in the synthesis of dyes and pigments, where its xanthene core contributes to vibrant color properties. In research, it is utilized in the study of fluorescence and photophysical behaviors, aiding in the development of new fluorescent markers for biological imaging.