Used in the synthesis of anticoagulant and anti-inflammatory agents due to its structural similarity to coumarin derivatives. It serves as an intermediate in pharmaceuticals, particularly in the development of compounds with blood-thinning properties. Also employed in research for designing fluorescent probes, leveraging the inherent fluorescence of the coumarin core for detecting metal ions or biological molecules. Its derivatization helps in enhancing drug delivery and bioavailability in medicinal chemistry.