This chemical is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. It is often employed in the construction of heterocyclic compounds, particularly those containing benzo[b]thiophene scaffolds, which are significant in pharmaceutical research. The bromine atom on the benzene ring makes it a versatile building block for further functionalization through cross-coupling reactions, such as Suzuki or Buchwald-Hartwig reactions. These reactions are crucial for creating compounds with potential biological activity, including drug candidates for treating various diseases. Additionally, the ester group in the structure allows for further chemical modifications, enabling the synthesis of amides, acids, or other derivatives, which can be tailored for specific applications in medicinal chemistry or material science.