Used in pharmaceutical research as a key intermediate in the synthesis of serine protease inhibitors, particularly targeting enzymes like urokinase-type plasminogen activator (uPA), which plays a role in cancer progression and metastasis. Its structure supports binding to enzyme active sites, making it valuable in developing anticancer agents. Also explored in the design of anti-inflammatory and antithrombotic drugs due to its ability to modulate proteolytic activity. Shows potential in medicinal chemistry for creating more stable and selective drug candidates owing to its benzofuran core and amide linkage.