Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and related compounds. Its structure supports the creation of biologically active molecules due to the presence of the benzofuran ring, which is known for its pharmacological relevance. It is also employed in the preparation of analogs for medicinal chemistry research, including studies on central nervous system agents and enzyme inhibitors. Additionally, it serves as a building block in organic synthesis for constructing more complex heterocyclic systems used in drug discovery and development.