This compound is primarily utilized in the synthesis of organic intermediates and pharmaceutical agents. Its structure, featuring a chromene core with functional groups like chloro, hydroxy, and carboxylic acid, makes it a valuable building block in medicinal chemistry. It is often employed in the development of anticoagulant and anti-inflammatory drugs due to its ability to interact with biological targets. Additionally, it serves as a precursor in the production of dyes and pigments, leveraging its chromophoric properties. Its versatility also extends to research applications, where it is used as a model compound to study chemical reactions and mechanisms involving coumarin derivatives.