Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other central nervous system agents. It serves as a building block in the preparation of indole-based compounds with potential antidepressant, anxiolytic, or antipsychotic activity. Also employed in the production of dyes and fluorescent probes due to its conjugated aldehyde structure, which allows for easy functionalization and chromophore formation. Its reactivity makes it valuable in multicomponent reactions for generating diverse heterocyclic libraries in drug discovery.