Used in pharmaceutical research as an intermediate in the synthesis of bioactive compounds, particularly those targeting neurological and psychiatric disorders. Its indole core structure supports activity in serotonin and melatonin receptor pathways, making it valuable in developing central nervous system agents. Also employed in the preparation of fluorescent dyes and optical materials due to its favorable photophysical properties. Commonly utilized in medicinal chemistry for structure-activity relationship (SAR) studies of indole-based drug candidates.