Widely used in biochemical research and industrial biocatalysis, this compound serves as a crucial cofactor in redox reactions. It is essential for enzymatic processes that involve the transfer of hydride ions, particularly in reductive biosynthesis. Commonly applied in enzyme assays, it helps measure dehydrogenase activity in diagnostic kits and pharmaceutical development. It is also employed in synthetic biology and fermentation processes to regenerate reducing power, supporting the production of chiral intermediates for drug synthesis. Due to its role in sustaining metabolic pathways in cell-free systems, it is a key component in biomanufacturing of fine chemicals and bio-based materials.