This chemical is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various bioactive compounds, particularly those targeting neurological and psychiatric disorders. Its structural features make it valuable in the development of potential drug candidates that interact with serotonin receptors, which are crucial in treating conditions like depression, anxiety, and schizophrenia. Additionally, it is explored for its role in creating molecules with potential anti-cancer properties, as its indole core is known to exhibit significant biological activity. Researchers also investigate its derivatives for their potential in modulating other therapeutic targets, contributing to advancements in drug discovery and development.