This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research due to its potential biological activities. It serves as a key intermediate in the synthesis of various heterocyclic compounds, which are often explored for their therapeutic properties. Researchers investigate its derivatives for applications in developing drugs targeting central nervous system disorders, such as anxiety and depression, owing to its structural similarity to bioactive molecules. Additionally, it is studied for its potential anti-inflammatory and antimicrobial properties, making it a candidate for designing new therapeutic agents. Its role in organic synthesis also extends to the development of fluorescent probes and imaging agents, aiding in biochemical and diagnostic research.