Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of anticoagulant drugs and anti-inflammatory agents. It serves as a building block in organic reactions due to the presence of reactive functional groups—hydroxyl and ketone moieties—which allow for further chemical modifications. Commonly employed in the development of chalcone derivatives, which are studied for their biological activities including antioxidant, antimicrobial, and anticancer properties. Also utilized in research settings for the preparation of novel heterocyclic compounds with potential therapeutic applications.