Used in organic synthesis as an intermediate for pharmaceuticals and bioactive compounds. It serves as a building block in the preparation of indole-based derivatives, which are important in drug development due to their presence in many biologically active molecules. Commonly employed in the synthesis of serotonin receptor ligands and kinase inhibitors. Also utilized in research settings for developing novel compounds with potential antitumor, anti-inflammatory, and neuroactive properties. Its reactivity allows for functionalization at multiple sites, making it valuable in medicinal chemistry for structure-activity relationship studies.