Used primarily as a photosensitizer in photodynamic therapy, this compound aids in the treatment of certain cancers by generating reactive oxygen species upon light activation, which selectively destroy cancer cells. Additionally, it finds application in organic synthesis as a catalyst or intermediate, facilitating various chemical reactions. In material science, it is employed in the development of advanced optical materials, including dyes and sensors, due to its unique photophysical properties. Its role in research extends to studying electron transfer processes and photochemical mechanisms, contributing to advancements in both chemistry and biology.