This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of bioactive molecules, particularly those targeting inflammatory and cardiovascular diseases. Its unique structure allows it to act as a precursor in the synthesis of benzofuran derivatives, which are known for their potential therapeutic properties. Researchers also explore its application in the design of novel drugs due to its ability to interact with specific biological targets. Additionally, it may be used in the study of enzyme inhibition and receptor modulation, contributing to advancements in medicinal chemistry.