Used in organic synthesis as a key intermediate for the development of various pharmaceuticals, particularly in the creation of compounds with potential anti-cancer and anti-inflammatory properties. It serves as a building block in the synthesis of indole derivatives, which are explored for their biological activities. Additionally, it is utilized in research to study enzyme inhibition and receptor interactions, aiding in the discovery of new therapeutic agents. Its applications extend to material science, where it contributes to the development of fluorescent probes and sensors.