Used as a photosensitizer in photodynamic therapy for cancer treatment, where it generates reactive oxygen species upon light exposure to destroy tumor cells. Also applied in organic semiconductors and photovoltaic devices due to its strong light absorption and electron transfer properties. Serves as a catalyst in oxidation reactions and as a sensing element in optical sensors for detecting gases and metal ions. Its structural stability and tunable electronic features make it valuable in designing molecular electronic systems and artificial light-harvesting assemblies.