Used in the synthesis of pharmaceutical intermediates, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its structure serves as a building block in creating biologically active molecules due to the indole core, which is common in many natural and synthetic drugs. Also employed in research settings for the preparation of dyes and fluorescent compounds. Its carboxylic acid group allows for easy functionalization, making it valuable in medicinal chemistry for coupling reactions and the formation of amide bonds.