Used as a key intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs), particularly in the production of benzofuran-based analgesics and antipyretics. Its structure allows for enhanced metabolic stability and improved pharmacokinetic properties in final drug formulations. Commonly employed in pharmaceutical research to develop compounds with reduced gastrointestinal side effects compared to traditional NSAIDs. Also utilized in the preparation of prodrugs aiming for targeted delivery and prolonged therapeutic action.