Used as a key intermediate in the synthesis of anticoagulant drugs, particularly coumarin-based derivatives like warfarin. Its structure supports the formation of biologically active molecules with blood-thinning properties. Also employed in the development of fluorescent dyes due to its coumarin backbone, which exhibits natural fluorescence. Applied in research for designing new therapeutic agents with antioxidant and anti-inflammatory activities. Additionally, utilized in the development of sensors for heavy metal detection, as it can change color or fluorescence upon binding to certain metal ions.