Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and bioactive molecules. It is particularly valuable in the development of indole-based compounds, which are known for their potential therapeutic properties. Additionally, it is employed in the synthesis of complex natural products and in research focused on discovering new drugs with anticancer, antimicrobial, or anti-inflammatory activities. Its versatility also extends to material science, where it aids in the creation of organic electronic materials.