Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory agents. Its structural features make it suitable for derivatization in drug design, enhancing metabolic stability and target binding. Also employed in the preparation of UV-absorbing compounds for use in cosmetics and sunscreens due to its ability to absorb ultraviolet radiation. Additionally, it serves as a building block in the creation of functional materials, including fluorescent probes and organic semiconductors.