Used as a key intermediate in the synthesis of pharmaceuticals and bioactive compounds, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure supports functionalization at multiple sites, making it valuable in medicinal chemistry for creating analogs in drug discovery programs. Also employed in the preparation of fluorescent probes and dyes due to its indole backbone, which is known for favorable photophysical properties. Commonly utilized in research settings for generating novel indole-based compounds with potential anticancer, anti-inflammatory, or antimicrobial activities.