This chemical is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various bioactive compounds, particularly those targeting neurological disorders and cancer. Its unique structure allows it to act as a building block for developing inhibitors of specific enzymes or receptors involved in disease pathways. Additionally, it is explored in the design of novel drug candidates due to its potential to modulate biological activity. Researchers also investigate its role in creating fluorescent probes for biochemical assays, aiding in the study of cellular processes.