Used in organic synthesis as a key intermediate for the development of pharmaceuticals and agrochemicals. It plays a role in the synthesis of indole-based compounds, which are important in drug discovery for their biological activities, including antimicrobial, anti-inflammatory, and anticancer properties. Additionally, it is utilized in the preparation of fluorescent probes and dyes for biochemical research and diagnostics. Its unique structure allows for modifications that enhance the efficacy and specificity of target molecules in various applications.