Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of anticoagulant and anti-inflammatory agents. Its functional groups—aldehyde, hydroxyl, and nitrile—allow for diverse chemical modifications, making it valuable in constructing complex organic molecules. Commonly employed in heterocyclic synthesis to build benzofuran and coumarin derivatives, which are prevalent in bioactive compounds. Also utilized in agrochemical research for developing novel pesticides due to its reactivity and structural properties.