Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents. Its structure supports binding to neurological receptors, making it valuable in creating potential antipsychotic or antidepressant drugs. The piperazine and benzofuran moieties enhance solubility and receptor affinity, which are advantageous in drug design. It is also employed in research settings to explore new bioactive molecules and structure-activity relationships in medicinal chemistry.