This chemical is primarily utilized in pharmaceutical research and development, particularly as an intermediate in the synthesis of various bioactive compounds. Its structure, featuring a benzofuran core, makes it valuable in designing molecules with potential therapeutic applications, such as anti-inflammatory, antimicrobial, or anticancer agents. Additionally, it serves as a building block in organic chemistry for constructing more complex heterocyclic frameworks, which are often explored for their biological activities. Its role in medicinal chemistry highlights its importance in the discovery and optimization of new drug candidates.