Used extensively in the field of photodynamic therapy, it serves as a photosensitizer to target and destroy cancer cells when activated by specific wavelengths of light. In material science, it is incorporated into organic semiconductors and photovoltaic cells to enhance their efficiency due to its excellent electron transfer properties. Additionally, it plays a crucial role in catalysis, particularly in oxidation reactions, where it facilitates the conversion of various substrates into valuable chemical products. Its ability to bind with metal ions also makes it useful in sensor technologies for detecting and measuring trace metals in environmental samples.