Used as an intermediate in the synthesis of anticoagulant drugs and coumarin-based derivatives. It plays a role in the development of pharmaceuticals due to its structural similarity to natural coumarins, which exhibit biological activities such as anti-inflammatory, antimicrobial, and antitumor properties. Also utilized in research for designing fluorescent probes and sensors owing to the inherent photophysical characteristics of the coumarin scaffold. Its carboxylic acid group allows for easy functionalization, making it valuable in medicinal chemistry for creating libraries of bioactive compounds.