Used primarily as an intermediate in the synthesis of pharmaceuticals, particularly anticoagulant drugs like warfarin. It serves as a key building block in organic chemistry for creating coumarin derivatives, which have applications in medicinal chemistry and drug development. Additionally, it is utilized in the production of dyes and fluorescent compounds due to its chromene structure. Its role in research extends to studying enzyme inhibition and biological activity in various therapeutic areas, including potential anti-cancer applications.