Used in organic synthesis to create various heterocyclic compounds, which are important in pharmaceutical research. Acts as a key intermediate in the development of potential drug candidates, particularly for anti-inflammatory and anticancer agents. Its structure allows for modifications that can enhance biological activity, making it valuable in medicinal chemistry. Also employed in the synthesis of fluorescent dyes and sensors for detecting biological molecules. Its versatility in chemical reactions makes it a useful building block in designing complex molecules for therapeutic and diagnostic applications.