Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure serves as a building block for indole-based compounds, which are common in bioactive molecules. It is also employed in research for developing novel anti-inflammatory and anticancer agents due to its ability to participate in ring-forming reactions and functional group transformations. Commonly utilized in medicinal chemistry for scaffold modification and structure-activity relationship studies.