Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for creating analogs with potential antidepressant, anxiolytic, or antipsychotic activity. Also employed in the preparation of fluorescent probes and bioactive molecules due to its indole core, which is common in natural products and signaling molecules.