Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor agonists and antagonists. Commonly employed in the production of tryptamine-related compounds, which are important in neuropharmacology. Also utilized in the preparation of fluorescent dyes and optoelectronic materials due to its conjugated aromatic structure. Frequently applied in research settings for the construction of indole-based heterocycles in medicinal chemistry.