Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building complex heterocyclic systems. Also employed in the preparation of biologically active molecules due to the presence of reactive ester and ketone groups adjacent to a benzofuran scaffold. Commonly utilized in research settings for designing new drug candidates and in the production of specialty organic compounds.