Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators. It serves as a building block in creating compounds with potential antidepressant and anxiolytic activities. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for designing new drug candidates targeting central nervous system disorders. Also employed in the preparation of fluorescent probes due to its indole backbone, which can enhance detection sensitivity in biochemical assays.