This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting specific enzymes or receptors. Its structural features make it valuable in the development of potential therapeutic agents, especially in the design of drugs with anti-inflammatory, anticoagulant, or anticancer properties. Researchers often explore its derivatives to optimize pharmacological activity and improve drug efficacy. Additionally, it may be employed in studies related to fluorescence labeling due to its coumarin-based structure, which is useful in biochemical assays and imaging techniques.