Used primarily as an intermediate in the synthesis of pharmaceuticals, particularly in the production of anticoagulant drugs like warfarin. It serves as a building block in organic reactions where acyl and ester functionalities are needed for condensation or cyclization processes. Also employed in the preparation of heterocyclic compounds and dyes due to its reactive carbonyl groups. Its structure allows for easy modification in multi-step syntheses, making it valuable in research and development of bioactive molecules.