Used as a key intermediate in the synthesis of indole-based pharmaceuticals, particularly in the development of tryptamine derivatives and serotonin receptor modulators. Its ester groups allow for selective functionalization, making it valuable in constructing complex heterocyclic systems for drug discovery. Commonly employed in research settings to prepare bioactive molecules with potential applications in neurology and psychiatry. Also utilized in the preparation of fluorescent dyes and organic electronic materials due to the inherent stability and conjugation of the indole core.