Used as a key intermediate in the synthesis of pharmaceutical compounds, 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 enhanced biological activity. Commonly employed in research settings to develop potential treatments for neurological disorders such as depression, anxiety, and migraine. Also utilized in the preparation of fluorescent probes due to its indole backbone, which can be modified for use in bioimaging applications.