This compound is primarily utilized in biochemical research and pharmaceutical development due to its structural similarity to indole derivatives, which are known for their biological activity. It is often explored for its potential role in modulating enzyme activity or as a precursor in the synthesis of more complex molecules. Researchers investigate its applications in designing drugs that target neurological disorders, given the presence of the indole moiety, which is common in compounds affecting the central nervous system. Additionally, it may serve as a building block in peptide synthesis or as a ligand in coordination chemistry for studying metal-organic interactions. Its unique structure also makes it a candidate for studies in organic chemistry, particularly in reactions involving amide bonds and carboxylic acids.