Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure allows for selective derivatization, making it valuable in medicinal chemistry for creating bioactive molecules. Also employed in the preparation of fluorescent probes and functional materials due to the electron-rich nature of the benzofuran core combined with the reactivity of the aldehyde group. Commonly utilized in cross-coupling reactions and condensation processes to build complex heterocyclic systems in drug discovery research.