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 valuable in the synthesis of indole-based compounds, which are often explored for their potential therapeutic properties, including anti-inflammatory, antimicrobial, and anticancer activities. Additionally, it is used in the study of enzyme inhibition and receptor binding mechanisms, contributing to the discovery of new drug candidates.