Used as a fluorescent probe in biochemical research to study heme metabolism and interactions with enzymes involved in porphyrin biosynthesis, such as ferrochelatase, which it inhibits. Its structural similarity to heme allows it to bind to heme-binding proteins, making it useful for investigating protein-ligand interactions. Also employed in photodynamic therapy research due to its ability to generate reactive oxygen species when exposed to light. Helps in the detection and visualization of cellular structures in microscopy techniques owing to its strong fluorescence properties.