Used as a key intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of indole-based drugs. Its structure allows for selective functionalization in medicinal chemistry, making it valuable in creating serotonin receptor modulators and kinase inhibitors. Commonly employed in research for anticancer, antiviral, and anti-inflammatory agent development. Also utilized in the preparation of fluorescent probes and organic semiconductors due to its conjugated aromatic system.