Used in the synthesis of pharmaceuticals, particularly as an intermediate in the development of kinase inhibitors and anticancer agents. It serves as a building block in the preparation of indole-based compounds that exhibit biological activity, including those targeting tyrosine kinases involved in tumor growth. Also employed in medicinal chemistry research for the design of anti-inflammatory and neuroprotective drugs due to its structural similarity to bioactive indoles. Its functional groups allow for easy modification, making it valuable in generating compound libraries for drug discovery.