Used primarily in organic synthesis, this compound serves as a key intermediate in the development of pharmaceuticals, particularly in the creation of molecules with potential therapeutic effects. Its structure is valuable in constructing complex chemical frameworks, often explored in drug discovery for targeting specific biological pathways. Additionally, it finds utility in the synthesis of chroman derivatives, which are studied for their antioxidant and anti-inflammatory properties. Researchers also employ it in the design of fluorescent probes for biochemical studies, leveraging its unique chemical properties for detection and analysis.