This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often incorporated into compounds designed to interact with serotonin receptors, making it valuable in the study of mood regulation and cognitive functions. Additionally, it is used in the synthesis of complex indole derivatives, which are explored for their potential anti-inflammatory, antimicrobial, and anticancer properties. Its versatility in chemical reactions also makes it a useful building block in the creation of novel drug candidates.