Used in organic synthesis as an intermediate for pharmaceuticals, particularly in the development of indole-based compounds with biological activity. Commonly employed in the preparation of serotonin receptor modulators and other neuroactive agents. Also utilized in research settings for the synthesis of fluorescent probes due to its aldehyde functional group, which allows for easy derivatization. Its benzyl-protected hydroxyl group enables selective reactions in multi-step synthetic pathways, making it valuable in medicinal chemistry for building complex heterocyclic systems.