Used in pharmaceutical research as an intermediate in the synthesis of bioactive compounds, particularly those targeting central nervous system disorders. Its structure supports the development of serotonin receptor modulators, making it valuable in the discovery of antidepressants and antipsychotic agents. Also employed in the preparation of fluorescent probes for biochemical assays due to its favorable photophysical properties. Commonly utilized in medicinal chemistry for structure-activity relationship studies in indole-based drug candidates.