This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of biologically active molecules. It serves as a key intermediate in the production of compounds with potential therapeutic applications, especially in the field of oncology and neurology. Its indole structure makes it valuable for designing drugs that target serotonin receptors, which are implicated in various neurological disorders. Additionally, it is explored for its role in developing inhibitors for specific enzymes or proteins involved in disease pathways. Researchers also investigate its derivatives for antimicrobial and anti-inflammatory properties, making it a versatile building block in medicinal chemistry.