Used as an intermediate in the synthesis of pharmaceuticals and bioactive compounds, particularly in the development of antimalarial and anticancer agents. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building complex heterocyclic systems. It is also employed in coordination chemistry as a ligand for metal complexes with potential catalytic or biological activity. Additionally, it serves in the preparation of fluorescent probes due to its favorable photophysical properties, useful in biochemical imaging and sensor technologies.