Used in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor agonists and antagonists. Its structural features make it valuable in creating analogs for neurological research, including studies on depression, anxiety, and migraine. Also employed as an intermediate in the production of fluorescent dyes and sensors due to its ability to participate in hydrogen bonding and aromatic interactions. Commonly utilized in medicinal chemistry for structure-activity relationship (SAR) studies involving indole-based compounds.