Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its benzofuran core structure is valuable in developing compounds with potential anti-inflammatory, analgesic, and antimicrobial properties. Researchers also explore its utility in designing novel drugs targeting central nervous system disorders due to its ability to interact with specific biological pathways. Additionally, it finds application in organic synthesis for constructing complex heterocyclic frameworks, which are essential in medicinal chemistry and drug discovery.