This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. 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 a valuable building block for developing compounds that interact with serotonin receptors, which are crucial in regulating mood, anxiety, and other cognitive functions. Additionally, it is explored for its potential in creating anti-inflammatory and analgesic agents due to its ability to modulate specific biochemical pathways. Researchers also investigate its derivatives for their anticancer properties, focusing on their ability to inhibit tumor growth or induce apoptosis in cancer cells.