This chemical is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive compounds, particularly those targeting therapeutic areas such as cancer, inflammation, and central nervous system disorders. Its structure is often incorporated into molecules designed to inhibit specific enzymes or receptors, making it valuable for drug discovery. Additionally, it is used in the preparation of heterocyclic compounds, which are essential in the development of new medicinal agents with potential applications in treating complex diseases. Its versatility in organic synthesis also extends to the creation of fluorescent probes and other specialized materials for biochemical studies.