Used in organic synthesis as an intermediate for pharmaceuticals and biologically active compounds. The presence of both iodine and ester functional groups makes it valuable in cross-coupling reactions, such as Suzuki or Heck reactions, enabling the construction of complex indole derivatives. Commonly employed in the development of serotonin receptor ligands and other neuroactive agents. Also utilized in the preparation of fluorescent probes and tryptophan analogs for biochemical studies.