Used extensively in photodynamic therapy, it acts as a photosensitizer to target and destroy cancer cells when exposed to light. In material science, it is employed in the development of organic semiconductors and photovoltaic cells due to its excellent light absorption and electron transfer properties. Additionally, it serves as a catalyst in various chemical reactions, including oxidation processes, enhancing efficiency and selectivity. Its unique optical properties also make it valuable in sensor technologies for detecting environmental pollutants and biological molecules.