This compound is primarily utilized in the field of medicinal chemistry, where it serves as a key intermediate in the synthesis of various pharmacologically active molecules. Its benzofuran moiety is particularly valuable for designing compounds with potential therapeutic effects, such as anti-inflammatory, antimicrobial, and anticancer agents. Additionally, it is explored in neuroscience research due to its structural similarity to certain neurotransmitters, making it a candidate for developing drugs targeting the central nervous system. Its applications also extend to organic synthesis, where it is used to create complex heterocyclic compounds for further chemical studies.