This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and bioactive molecules. Its structure, featuring both a hydroxyl group and a carboxylate ester, makes it a versatile building block for constructing complex heterocyclic compounds. It is often employed in the development of indole-based drugs, which have applications in treating neurological disorders, inflammation, and certain types of cancer. Additionally, it serves as a precursor in the synthesis of natural product analogs and agrochemicals, contributing to advancements in medicinal chemistry and crop protection. Its reactivity allows for further functionalization, enabling researchers to tailor its properties for specific applications.