Widely used in pharmaceutical synthesis, this compound serves as a key intermediate in the production of serotonin receptor modulators and other neuroactive agents. Its indole core structure makes it valuable in constructing complex molecules for antidepressant and antipsychotic drugs. It is also employed in the development of kinase inhibitors for cancer therapy. In research, it acts as a building block for novel bioactive compounds due to its ability to undergo functionalization at multiple sites. Additionally, it finds use in the synthesis of fluorescent dyes and optical materials because of its conjugated aromatic system.