This compound is primarily utilized in the field of medicinal chemistry due to its structural framework, which is often associated with biological activity. It serves as a key intermediate in the synthesis of various heterocyclic compounds, which are explored for their potential therapeutic properties. Researchers focus on its derivatives to develop new drugs, particularly for their anti-inflammatory, antimicrobial, and anticancer activities. Its pyrazole and pyran rings are significant in designing molecules that can interact with biological targets, making it valuable in drug discovery and development processes. Additionally, it is studied for its potential use in creating fluorescent probes or sensors due to its unique chemical structure.