This chemical is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate or building block in the synthesis of various biologically active compounds. Researchers often employ it in the development of potential therapeutic agents, particularly those targeting the central nervous system (CNS). Its structural features make it valuable for designing molecules that interact with specific receptors or enzymes in the brain, potentially leading to treatments for neurological disorders such as depression, anxiety, or schizophrenia. Additionally, it may be explored in the creation of novel analgesics or antipsychotic drugs due to its spirocyclic and benzofuran components, which are known to contribute to diverse pharmacological activities.