Primarily utilized in organic synthesis, this compound serves as a key intermediate in the development of various pharmacologically active molecules. Its structure is particularly valuable in the creation of chromenone derivatives, which are explored for their potential therapeutic properties, including anti-inflammatory, anticancer, and antimicrobial activities. Additionally, it is employed in the study of enzyme inhibition mechanisms, aiding in the design of new drugs targeting specific biological pathways. Researchers also leverage its reactivity in cross-coupling reactions to construct complex organic frameworks, enhancing the diversity of chemical libraries for drug discovery.