Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of bioactive compounds with anti-inflammatory and antimicrobial properties. It serves as a building block in organic synthesis for constructing benzofuran-based structures, which are common in medicinal chemistry. Its carboxylic acid functionality allows for easy derivatization into esters, amides, and other functional groups to tune biological activity. Also employed in research for designing novel heterocyclic compounds with potential therapeutic applications.