This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate in the development of indole-based derivatives, which are known for their biological activity. These derivatives are often explored for their potential as therapeutic agents, including anti-inflammatory, anticancer, and antimicrobial properties. Additionally, it is used in research settings to study the structure-activity relationships of indole compounds, aiding in the design of new drugs. Its formyl and carboxylate functional groups make it a versatile building block for further chemical modifications.