This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmacologically active molecules. Its unique spirocyclic structure makes it valuable for developing compounds that interact with central nervous system targets, particularly in the design of potential antipsychotic and antidepressant agents. Additionally, it has been explored in the creation of ligands for receptor binding studies, aiding in the understanding of neurological pathways and drug discovery efforts. Its benzofuran and piperidine moieties contribute to its versatility in forming diverse bioactive molecules with potential therapeutic applications.