Used as a key intermediate in the synthesis of indole-based pharmaceuticals, particularly in the development of serotonin receptor modulators and anti-inflammatory agents. Its structure allows for selective functionalization at the 3-position, making it valuable in creating biologically active molecules. Commonly employed in research settings for constructing complex heterocyclic systems found in neuropharmacological compounds. Also utilized in the preparation of fluorescent probes due to its favorable electronic properties.