Used in pharmaceutical synthesis as an intermediate for bioactive compounds, particularly in the development of serotonin receptor modulators and other central nervous system agents. Commonly employed in the preparation of indole-based drug candidates due to its ability to mimic natural indole alkaloid structures. Also utilized in research settings for the synthesis of fluorescent dyes and optical materials owing to the inherent aromatic and electron-rich nature of the indole core. Its ester functionality allows for easy modification, making it a versatile building block in medicinal chemistry and heterocyclic compound development.