This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly in the synthesis of indole-based compounds. Its structure is often exploited in medicinal chemistry to create potential drug candidates targeting neurological disorders, inflammation, and cancer. Additionally, it is used in the study of enzyme inhibition and receptor binding due to its ability to interact with specific biological targets. Researchers also employ it in the development of fluorescent probes and imaging agents for cellular studies.