Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other central nervous system agents. Commonly employed in the preparation of indole-based bioactive molecules, including potential antipsychotic and antidepressant compounds. Also utilized in the creation of fluorescent probes and dyes due to its favorable photophysical properties. Frequently appears in research related to cancer therapeutics, especially in the design of kinase inhibitors. Its structure serves as a building block in combinatorial chemistry for drug discovery.