Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory drugs. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for building complex molecules. Commonly employed in the preparation of chalcone derivatives and flavonoids, which exhibit biological activities such as antioxidant and anticancer properties. Also utilized in the design of novel kinase inhibitors due to its ability to enhance binding affinity and metabolic stability in drug candidates.