This compound is primarily utilized in the synthesis of various organic molecules due to its structural properties. It serves as a key intermediate in the production of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory drugs. Additionally, it is employed in the creation of fluorescent dyes and markers, which are essential in biochemical research for tracking and imaging purposes. Its presence in certain natural products also makes it valuable in the study of plant biochemistry and the development of natural-based therapeutics.