This chemical is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active compounds. Its structure makes it a valuable building block for developing potential drug candidates, particularly in the design of kinase inhibitors, which are important in treating cancers and other diseases. Additionally, it is employed in organic synthesis to create complex heterocyclic compounds that can be further modified for pharmaceutical research. Its applications also extend to the development of fluorescent probes and molecular tags used in biochemical studies and diagnostics.