Used as an intermediate in the synthesis of biologically active compounds, particularly in pharmaceutical research. It serves as a building block for developing drug candidates targeting central nervous system disorders due to the presence of the piperazine and benzofuran moieties, which are commonly found in neuroactive agents. Its protected piperazine group allows for selective functionalization, enabling stepwise assembly of complex molecules. The ethoxycarbonyl group can be hydrolyzed or transformed to introduce additional pharmacophores. Commonly employed in medicinal chemistry for structure-activity relationship studies and optimization of lead compounds.