This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various biologically active molecules. Its structure, featuring a dihydrobenzofuran core, makes it a valuable building block for developing drugs targeting neurological disorders, such as Parkinson's disease and other dopamine-related conditions. Additionally, it is employed in the production of chiral compounds, leveraging its stereocenter to create enantiomerically pure substances for therapeutic applications. Researchers also explore its potential in designing novel anti-inflammatory and antioxidant agents due to its hydroxyl and ester functional groups, which can be modified to enhance bioactivity.