Used primarily in biochemical research, this compound serves as a substrate for lipase enzymes. It helps in the detection and quantification of lipase activity, which is crucial in studies related to lipid metabolism and digestive processes. The enzymatic hydrolysis of this compound releases a fluorescent product, enabling researchers to monitor reactions in real-time using fluorescence spectroscopy. This makes it valuable in both academic and industrial settings for enzyme kinetics studies and the development of diagnostic assays. Additionally, it is employed in screening for lipase inhibitors, which can have potential therapeutic applications in treating conditions like obesity and hyperlipidemia.