Used in pharmaceutical research as an intermediate in the synthesis of bioactive indole derivatives. Shows potential in the development of central nervous system agents due to the indole core's affinity for neurotransmitter receptors. Employed in the preparation of analogs for structure-activity relationship studies targeting serotonin and melatonin receptors. Also utilized in agrochemical research for designing new plant growth regulators. Its ester functionality allows for easy modification, making it valuable in combinatorial chemistry and drug discovery pipelines.