Used in the synthesis of pharmaceuticals, particularly as an intermediate in developing antiparasitic and antiviral agents. Its sulfonic acid group enhances water solubility, making it valuable in creating bioavailable drug compounds. Also employed in dye manufacturing for improved color fastness and stability. Serves as a catalyst or ligand in certain organic reactions due to its ability to coordinate with metal ions. Applied in research for developing new functional materials and sensors owing to its structural and electronic properties.