This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It serves as a key intermediate in the synthesis of various pharmacologically active molecules. Researchers explore its derivatives for their antimicrobial, antiviral, and anticancer properties. Additionally, its unique structure makes it a valuable scaffold in drug discovery, particularly in designing inhibitors for specific enzymes or proteins. Its applications also extend to material science, where it is investigated for its potential use in organic electronic devices due to its conjugated system.