Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals, particularly those targeting neurological disorders. Its structural properties make it valuable in the development of serotonin receptor modulators, which are crucial for treating conditions like depression and anxiety. Additionally, it finds application in the synthesis of agrochemicals, where it contributes to the creation of compounds that enhance crop protection. Researchers also utilize it in the study of indole derivatives, aiding in the exploration of new therapeutic agents and bioactive molecules.