This compound is primarily utilized in the field of medicinal chemistry as an intermediate in the synthesis of more complex molecules. It plays a crucial role in the development of pharmaceutical agents, particularly those targeting specific enzymatic pathways or receptors. Its structural features, including the benzo[b]thiophene moiety, make it a valuable building block for designing compounds with potential therapeutic applications, such as anti-inflammatory or anti-cancer drugs. Researchers often modify its structure to enhance biological activity or optimize pharmacokinetic properties, making it a key component in drug discovery and development processes.