Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor agonists and antagonists. Commonly applied in research related to neurological and psychiatric disorders due to its structural similarity to serotonin. Also utilized in the preparation of fluorescent probes for biochemical assays. Its derivatives are explored for potential anti-inflammatory, antidepressant, and anticonvulsant activities. Frequently employed in medicinal chemistry for structure-activity relationship (SAR) studies of indole-based compounds.