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 research settings for the preparation of indole-based compounds with potential biological activity. Its ester functionality allows for further chemical modifications, making it valuable in medicinal chemistry for building complex molecular structures. Also utilized in the creation of analogs for structure-activity relationship studies. Additionally, it serves as a starting material for producing fluorescent or luminescent compounds used in biological research and analytical chemistry, due to its modifiable structure that enables special fluorescence or target-binding properties.