This compound is primarily utilized in pharmaceutical research as a chiral intermediate in the synthesis of biologically active molecules. Its structure, featuring a benzofuran ring and an amino group, makes it valuable for developing compounds with potential therapeutic applications, particularly in the design of drugs targeting neurological disorders or as a building block for complex organic molecules. The hydrochloride salt form enhances its stability and solubility, facilitating its use in various experimental and manufacturing processes. Researchers often employ it in asymmetric synthesis to create enantiomerically pure substances, which are critical in drug development to ensure specificity and efficacy.