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. Its structure is often incorporated into the development of potential anticancer agents, as it can interact with tyrosine kinase inhibitors, which play a critical role in regulating cell growth and proliferation. Additionally, it is explored in the design of antimicrobial and antiviral drugs due to its ability to disrupt essential cellular processes in pathogens. Researchers also investigate its use in creating fluorescent probes for biochemical studies, leveraging its unique chemical properties to track molecular interactions in biological systems.