Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of drugs targeting neurological disorders, such as Alzheimer's disease, due to its structural similarity to indole derivatives, which are known to interact with the central nervous system. Additionally, it finds application in the creation of anti-inflammatory and anticancer agents, leveraging its ability to modulate specific enzymatic pathways. Its role in organic synthesis also extends to the production of complex heterocyclic compounds, which are essential in medicinal chemistry for designing novel therapeutics.