Used as a key intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure supports derivatization for use in medicinal chemistry research, especially in creating analogs for drug discovery. Also employed in the preparation of fluorescent probes and organic semiconductors due to its indole backbone, which is known for electron-rich properties. Commonly utilized in cross-coupling reactions such as Suzuki and Heck reactions to build complex indole derivatives for research in oncology and neurology.