Used in the synthesis of various pharmaceutical compounds, particularly in the development of drugs targeting neurological disorders due to its structural similarity to naturally occurring indole derivatives. It serves as a key intermediate in the production of serotonin receptor agonists, which are essential for treating conditions like depression and anxiety. Additionally, it is employed in the creation of fragrances and flavoring agents, contributing to the unique aroma profiles in perfumes and food products. Its role in organic synthesis also extends to the preparation of complex organic molecules for research and industrial applications.