Used primarily in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various drugs, particularly those targeting gastrointestinal disorders. Its benzimidazole core structure is crucial for developing proton pump inhibitors, which are effective in treating acid-related conditions like ulcers and gastroesophageal reflux disease (GERD). Additionally, it finds application in organic synthesis, where it acts as a building block for creating complex molecules with potential therapeutic properties. Its thiol group also makes it useful in certain biochemical studies, particularly in protein modification and enzyme inhibition research.