This compound is primarily utilized in the field of medicine, particularly in the treatment of iron overload disorders such as thalassemia and hemochromatosis. It acts as an iron chelator, binding to excess iron in the body and facilitating its excretion, thereby preventing iron-induced organ damage. Additionally, it finds application in research as a biochemical tool to study iron metabolism and related pathways. Its derivatives are also explored for potential antimicrobial and antioxidant properties, making it a versatile compound in pharmaceutical development.