Used as an intermediate in the synthesis of biologically active compounds, particularly in the development of anticoagulant and anti-inflammatory agents. Serves as a building block in heterocyclic chemistry for constructing coumarin-based derivatives, which are important in pharmaceuticals and dyes. Also employed in research for developing fluorescent probes and optical brighteners due to the inherent photophysical properties of the coumarin scaffold. Its reactivity at the 2-carboxylate and 4-oxo positions allows for functionalization to create diverse compound libraries for drug discovery.