Used as a key intermediate in the synthesis of anticoagulant drugs, particularly coumarin-based derivatives like warfarin. It serves as a building block in pharmaceuticals due to its ability to undergo esterification and substitution reactions, enabling the development of biologically active molecules. Also employed in the preparation of fluorescent dyes and optical brighteners in industrial applications. Its structural framework supports use in research for developing new heterocyclic compounds with potential antimicrobial and anti-inflammatory properties.