This compound is primarily utilized in the field of medicinal chemistry due to its bioactive properties. It has shown potential as an antioxidant, helping to neutralize free radicals and reduce oxidative stress in biological systems. Additionally, it exhibits anti-inflammatory effects, making it a candidate for the development of therapeutic agents targeting inflammatory diseases. Its structure is also being studied for potential anticancer properties, as it may inhibit the growth of certain cancer cells. In pharmaceutical research, it serves as a key intermediate for synthesizing more complex molecules with enhanced biological activities. Furthermore, its fluorescence properties make it useful in biochemical assays and imaging studies, aiding in the detection and analysis of cellular processes.