Used as a key intermediate in the synthesis of antimalarial drugs, particularly in the development of compounds targeting Plasmodium species. Exhibits strong affinity for heme binding, making it valuable in disrupting the detoxification process in malaria parasites. Also employed in the design of fluorescent probes for biological imaging due to its inherent photoluminescent properties. Shows potential in medicinal chemistry for anticancer research, where it acts as a scaffold for kinase inhibitors. Additionally, utilized in the study of protein-protein interactions as a biochemical tool compound.