Primarily utilized as an intermediate in organic synthesis, this compound plays a crucial role in the production of various pharmaceuticals, particularly anticoagulants. Its structural framework is essential in developing active ingredients for medications that prevent blood clotting, making it valuable in treating conditions like deep vein thrombosis and pulmonary embolism. Additionally, it is employed in the synthesis of fluorescent dyes and probes used in biochemical research, aiding in the study of cellular processes and molecular interactions. Its versatility also extends to agrochemical applications, where it serves as a precursor in the formulation of certain pesticides and herbicides, contributing to crop protection and yield enhancement.