Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of bioactive molecules with potential antipsychotic, anti-inflammatory, and anticancer properties. Its structure serves as a building block in medicinal chemistry for constructing benzofuran-based compounds that interact with central nervous system receptors. Also employed in the preparation of agrochemicals and functional materials due to its ability to undergo cross-coupling reactions, enabling the formation of complex organic frameworks. Commonly utilized in research settings for the design of novel heterocyclic compounds with tailored biological activities.