Used primarily in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various drugs. Its structure is particularly valuable in the development of antimalarial and anti-inflammatory medications. Additionally, it finds application in organic synthesis, where it acts as a building block for more complex molecules. In research, it is utilized for studying heterocyclic compounds and their reactivity. Its properties make it suitable for use in fluorescence studies and as a probe in biochemical assays.