Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of agents targeting central nervous system disorders. Its structure allows for selective modification, making it valuable in creating analogs with improved metabolic stability and bioavailability. Commonly employed in medicinal chemistry for constructing benzofuran-based scaffolds, which are found in several bioactive molecules and drug candidates. Also utilized in research settings to explore structure-activity relationships in kinase inhibitors and anti-inflammatory agents.