Widely used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of anticoagulant drugs. It serves as a key building block in the preparation of warfarin and related coumarin derivatives due to its structural similarity to the core scaffold of these compounds. Its lactone functionality allows for selective chemical modifications, making it valuable in medicinal chemistry for creating bioactive molecules. Additionally, it is employed in the synthesis of fluorescent dyes and optical brighteners used in textiles and paper industries. Its reactivity and stability under various reaction conditions enhance its utility in organic synthesis and industrial applications.