Used as an intermediate in the synthesis of biologically active compounds, particularly in pharmaceutical research. It serves as a building block for indole-based derivatives that exhibit potential antitumor, antiviral, and anti-inflammatory properties. Its structure allows for selective modifications at multiple sites, making it valuable in medicinal chemistry for developing kinase inhibitors and serotonin receptor modulators. Also employed in the preparation of fluorescent probes for biochemical assays due to its favorable photophysical characteristics.