Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive compounds. Its structure serves as a building block for modifying benzofuran derivatives with enhanced pharmacological activity. Also employed in agrochemical research for designing herbicides and plant growth regulators due to its ability to influence biological pathways in plants. Its carboxylic acid functionality allows for easy derivatization, making it valuable in medicinal chemistry for creating esters, amides, and other functional group transformations.