Used in organic synthesis as an intermediate for pharmaceuticals and bioactive compounds. Its structure supports the development of indole-based derivatives, which are common in drug discovery. Commonly employed in palladium-catalyzed coupling reactions to form C–C bonds, enabling the synthesis of complex heterocyclic systems. Also utilized in the preparation of tryptamine and tryptophan analogs, which have relevance in neuroscience and medicinal chemistry. Shows potential in labeling and tracer studies due to the presence of iodine, facilitating detection or radiolabeling in biological systems.