Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory agents. Its structure supports the formation of coumarin-based derivatives, which are important in drug design due to their biological activity and metabolic stability. Also employed in the preparation of fluorescent probes and dyes owing to its conjugated system and reactivity toward nucleophiles. Common in research settings for building complex heterocyclic systems in medicinal chemistry.