Used as a key intermediate in the synthesis of vitamin K analogs and anticoagulant drugs. Its structure supports the formation of naphthoquinone derivatives, which are important in pharmaceuticals affecting blood clotting and bone metabolism. Also employed in research for developing fluorescent probes due to the naphthalene core, which enhances photostability and emission properties. Shows utility in organic synthesis for ester and ether transformations, particularly in building complex polycyclic molecules.