This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of biologically active molecules. It is often employed in the development of potential therapeutic agents, particularly those targeting neurological disorders and psychiatric conditions. Its structural framework is valuable in designing compounds that interact with specific receptors in the central nervous system, such as serotonin or dopamine receptors. Additionally, it serves as a building block in the creation of novel indole-based derivatives, which are explored for their pharmacological properties, including antidepressant, antipsychotic, and neuroprotective effects. Researchers also investigate its applications in drug discovery programs aimed at identifying new treatments for conditions like depression, anxiety, and neurodegenerative diseases.