This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its benzofuran core structure is often explored for its potential in developing compounds with anti-inflammatory, analgesic, and neuroprotective properties. Additionally, it has been investigated for its role in modulating specific receptors or enzymes involved in disease pathways, making it a valuable candidate for drug discovery and development.