This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It serves as a key intermediate in the synthesis of various pharmacologically active molecules, particularly those targeting anti-inflammatory and anticancer pathways. Researchers explore its derivatives for their ability to modulate enzyme activity and receptor interactions, making it valuable in drug discovery. Additionally, it is studied for its role in developing new therapeutic agents for neurological disorders, owing to its structural compatibility with central nervous system targets. Its applications extend to material science, where it is used in the development of organic electronic materials due to its conjugated system.