Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of indole-based drugs targeting neurological and psychiatric disorders. Its structure allows for selective modification, making it valuable in creating serotonin receptor agonists and antagonists. Commonly employed in research settings for developing potential antidepressants and antipsychotics. Also utilized in the preparation of bioactive molecules for cancer research due to its ability to participate in cross-coupling reactions and form complex heterocyclic systems.