Used in pharmaceutical research as a key intermediate in the synthesis of bioactive molecules, particularly in the development of antimalarial and anticancer agents. Its structural framework supports the design of compounds that can interact with specific enzyme targets, such as kinase inhibitors. Also explored in the creation of fluorescent probes due to its favorable photophysical properties, making it useful in imaging and diagnostic applications. Additionally, derivatives of this compound are investigated for their antimicrobial and anti-inflammatory activities.