This compound is primarily utilized in the synthesis of various pharmaceuticals due to its indole structure, which is a key component in many biologically active molecules. It serves as an intermediate in the production of drugs targeting neurological disorders, such as Parkinson's disease and depression, as indole derivatives often interact with serotonin and dopamine receptors. Additionally, it is employed in the development of anti-inflammatory and analgesic agents, leveraging its ability to modulate specific enzyme pathways. Its application extends to agrochemical research, where it is used to create compounds that protect crops from pests and diseases. The versatility of this chemical makes it valuable in both medicinal and agricultural chemistry.