This compound is primarily utilized in organic synthesis as a building block for more complex molecules. It serves as a key intermediate in the preparation of various pharmaceuticals, particularly those targeting neurological and psychiatric disorders. Its indole core structure is significant in the development of compounds with potential anti-inflammatory and anticancer properties. Additionally, it is used in research to explore novel heterocyclic compounds, which are essential in drug discovery and development. Its ester functional group allows for further chemical modifications, making it versatile in synthetic chemistry applications.