Used in the synthesis of organic compounds, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of anticoagulant agents, which are essential in preventing blood clots. Additionally, it is utilized in the creation of fluorescent dyes and markers for biological research, aiding in the visualization of cellular processes. Its derivatives are also explored for potential antioxidant and anti-inflammatory properties, making it valuable in the study of therapeutic agents for various diseases.