Used in organic synthesis as an intermediate for pharmaceuticals and biologically active compounds. Particularly valuable in the preparation of indole-based derivatives, which are common structural motifs in medicinal chemistry. It serves as a building block in the development of serotonin receptor ligands and other neuroactive agents. Also applied in research settings for the synthesis of tryptamine analogs and natural product derivatives. Its hydroxyl and indole functionalities allow for diverse chemical modifications, making it useful in drug discovery and development.