Used in pharmaceutical synthesis as an intermediate for bioactive compounds, particularly in the development of drugs targeting central nervous system disorders. Its structure supports the creation of molecules with serotonin receptor affinity, making it valuable in antidepressant and anxiolytic research. Also employed in the preparation of fluorescent probes for biochemical imaging due to the inherent photophysical properties of the benzofuran core. Commonly utilized in medicinal chemistry for structure-activity relationship (SAR) studies to optimize drug candidates.