This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and bioactive compounds. Its unique structure makes it valuable for developing drugs targeting specific biological pathways, particularly in the synthesis of anti-inflammatory and antimicrobial agents. Additionally, it is employed in research settings to study the properties of benzofuran derivatives, which are known for their potential therapeutic applications. Its role in the development of novel compounds highlights its importance in medicinal chemistry and drug discovery.