Used in the synthesis of pharmaceutical intermediates, particularly in the development of compounds with potential anti-inflammatory and antioxidant properties. It serves as a building block in organic reactions, especially in the formation of heterocyclic compounds used in drug discovery. Its structure allows for easy functionalization, making it valuable in creating libraries of derivatives for biological screening. Also employed in the preparation of fluorescent dyes and optoelectronic materials due to the benzofuran core’s favorable photophysical characteristics.