Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of anti-inflammatory and antiviral agents. It serves as a building block in organic reactions where the carboxylic acid group allows for easy derivatization into esters, amides, or other functional groups. Its benzofuran core is valued in medicinal chemistry for enhancing metabolic stability and binding affinity in drug candidates. Also applied in the preparation of agrochemicals and specialty polymers due to its rigid aromatic structure and reactivity profile.