This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its indole structure makes it valuable for creating compounds that interact with serotonin receptors, which are crucial in regulating mood, anxiety, and cognitive functions. Additionally, it is explored in the development of potential therapies for conditions like depression, anxiety, and neurodegenerative diseases. Its application also extends to organic synthesis, where it is used to construct complex molecules for drug discovery and medicinal chemistry studies.