This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its indole core structure is significant in the design of compounds that interact with serotonin receptors, making it valuable for developing potential treatments for conditions like depression, anxiety, and migraines. Additionally, it is used in the creation of fluorescent probes and dyes for biochemical research, aiding in the study of cellular processes and molecular interactions. Its applications also extend to agrochemical research, where it contributes to the development of new pesticides and herbicides.