This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It is often explored for its role as a precursor in the synthesis of various heterocyclic compounds, which are significant in drug development. Researchers investigate its application in creating molecules with antimicrobial, anticancer, and anti-inflammatory properties. Additionally, it is studied for its chelating ability, which makes it useful in the development of metal-based therapeutic agents. Its structural features also contribute to its use in designing inhibitors for specific enzymes, aiding in the treatment of various diseases.