Used in the synthesis of indole-based pharmaceuticals, particularly in the development of serotonin receptor modulators and anti-inflammatory agents. Its aldehyde and ester functional groups allow for versatile chemical modifications, making it a valuable intermediate in medicinal chemistry. Commonly employed in the preparation of tryptamine derivatives and other bioactive molecules targeting neurological and psychiatric disorders. Also utilized in research settings for generating fluorescent probes due to the inherent photophysical properties of the indole scaffold.