Used primarily as a key intermediate in the synthesis of pharmaceuticals, especially in the development of serotonin receptor modulators and other neuroactive compounds. Its structure supports the construction of complex indole-based molecules, making it valuable in medicinal chemistry for drug discovery. Commonly employed in research settings to prepare analogs for biological evaluation, particularly in studies related to central nervous system disorders, inflammation, and cancer. Also utilized in the preparation of fluorescent probes and agrochemicals due to its reactivity and derivatization potential.