Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of selective serotonin reuptake inhibitors (SSRIs) and other central nervous system agents. It also serves in the preparation of fluorescent dyes and optoelectronic materials due to its conjugated structure. Commonly employed in research for constructing benzofuran-based bioactive molecules, including anti-inflammatory and anticancer compounds. Its amine functionality allows for easy derivatization, making it valuable in combinatorial chemistry and drug discovery.