This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting specific enzymes or receptors in drug discovery programs. Its structure is often incorporated into compounds designed for potential therapeutic applications, such as anticancer agents, due to its ability to interact with biological targets effectively. Additionally, it is employed in the development of fluorescent probes and imaging agents, aiding in the study of cellular processes and molecular interactions. Researchers also explore its use in organic synthesis to create complex heterocyclic compounds with potential pharmacological properties.