Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of kinase inhibitors and anti-inflammatory agents. Its structure supports hydrogen bonding and polarity, making it valuable in drug design for enhancing binding affinity and solubility. Also employed in the preparation of functional dyes and fluorescent probes due to its ability to form stable complexes with metal ions. Commonly utilized in research settings for building heterocyclic compounds with biological activity.