This chemical is primarily used in the synthesis of more complex organic compounds, particularly in the field of medicinal chemistry. It serves as a key intermediate in the production of pharmaceuticals, especially those targeting specific enzymes or receptors. Additionally, it is utilized in the development of dyes and pigments due to its ability to form stable, colored complexes. In research, it is often employed in the study of heterocyclic compounds, contributing to advancements in organic synthesis methodologies. Its role in creating biologically active molecules makes it valuable in drug discovery and development processes.