Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of indole-based drugs. It plays an important role in the preparation of serotonin receptor modulators and other neuroactive compounds. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building complex heterocyclic systems. Also employed in research settings to develop novel bioactive molecules and in the creation of fluorescent probes due to its favorable reactivity and derivatization potential.