Used in the synthesis of various pharmaceutical compounds, particularly anticoagulants like warfarin, which help prevent blood clots. It serves as a key intermediate in the production of coumarin derivatives, which are applied in medicinal chemistry for their anticoagulant, anti-inflammatory, and anticancer properties. Additionally, it is utilized in research to develop new drugs targeting specific enzymes or biological pathways. Its derivatives are also explored for their potential in treating neurodegenerative diseases and as fluorescent probes in biochemical studies.