Used in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological disorders. Its indole core structure is valuable in developing serotonin receptor modulators, which are crucial for treating conditions like depression and anxiety. Additionally, it is employed in the creation of fluorescent probes for biological imaging, aiding in the study of cellular processes. Its carboxylic acid group allows for further functionalization, making it versatile in medicinal chemistry and drug discovery.