Used as a key intermediate in the synthesis of indole-based pharmaceutical compounds, particularly in the development of serotonin receptor modulators and anti-inflammatory agents. Its functional groups enable selective transformations for constructing complex heterocyclic systems. Commonly employed in medicinal chemistry for structure-activity relationship studies due to its reactive bromomethyl and acetoxy sites. Also utilized in the preparation of fluorescent probes and bioactive molecule derivatives through cross-coupling and nucleophilic substitution reactions.