This compound is primarily utilized in organic synthesis as a building block for the development of more complex molecules, particularly in the pharmaceutical and agrochemical industries. It serves as a key intermediate in the synthesis of various biologically active compounds, including potential drug candidates targeting neurological disorders and cancer. Its indole core structure is significant in medicinal chemistry due to its resemblance to naturally occurring indole alkaloids, which often exhibit therapeutic properties. Additionally, it is employed in the research and development of new materials, such as dyes and pigments, owing to its aromatic and heterocyclic nature. Its ester functional group also makes it a versatile reagent for further chemical modifications.