Used in organic synthesis as an intermediate for pharmaceuticals and agrochemicals. Its benzothiophene core makes it valuable in developing bioactive molecules, particularly in the design of drugs targeting central nervous system disorders and inflammatory conditions. Commonly employed in the preparation of more complex heterocyclic compounds due to the reactivity of the hydroxymethyl group, allowing for esterification, ether formation, or oxidation to the corresponding aldehyde. Also explored in materials science for constructing functional organic materials with potential use in optoelectronics.