This compound is primarily utilized in the development of pharmaceutical agents due to its structural properties, which make it a valuable intermediate in organic synthesis. It is often employed in the creation of anticoagulant and anti-inflammatory drugs, where its chromen-2-one core plays a critical role in biological activity. Additionally, its trifluoromethyl group enhances its stability and bioavailability, making it suitable for use in medicinal chemistry research. The compound is also explored in the synthesis of fluorescent dyes and probes, leveraging its chromophore characteristics for applications in bioimaging and diagnostic studies.