Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nicotinamide-related compounds and NAD+ analogs. Its aldehyde and hydroxyl functional groups allow for selective derivatization, making it valuable in medicinal chemistry for constructing heterocyclic systems. It is also employed in the preparation of enzyme inhibitors and bioactive molecules targeting metabolic and neurological disorders. Additionally, it serves as a building block in the synthesis of ligands for catalysis and in the development of fluorescent probes due to its ability to form conjugated systems upon condensation reactions.