Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents and anti-inflammatory drugs. Its structure supports the creation of bioactive molecules due to the presence of a fused benzofuran ring, which is common in compounds with neurological and cardiovascular activity. Commonly employed in medicinal chemistry for constructing drug candidates targeting serotonin and dopamine receptors. Also utilized in the preparation of agrochemicals and specialty polymers where aromatic heterocycles enhance material stability.