Used in pharmaceutical research as an intermediate in the synthesis of bioactive compounds, particularly those structurally similar to indole alkaloids. It shows potential in the development of anti-inflammatory, antimicrobial, and anticancer agents. Additionally, it is employed in organic electronics as a building block for fluorescent materials. Its ester functionality allows for easy modification in multi-step synthesis, making it valuable in medicinal chemistry for structure-activity relationship (SAR) studies and creating compound libraries.