This compound is primarily utilized in the synthesis of complex organic molecules, particularly in pharmaceutical research. It serves as a key intermediate in the development of biologically active compounds, including potential drugs targeting neurological disorders and cancer. The bromoethyl group allows for further functionalization through nucleophilic substitution reactions, making it valuable in creating derivatives with specific therapeutic properties. Additionally, its indole core structure is significant in the design of serotonin receptor modulators, which are crucial for treating conditions like depression and anxiety. Its application extends to agrochemical research, where it contributes to the development of novel pesticides and herbicides.