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 indole core structure is significant in the design of compounds that interact with serotonin receptors, making it valuable for creating potential therapeutic agents. Additionally, it is employed in the synthesis of heterocyclic compounds, which are essential in medicinal chemistry for their diverse pharmacological properties. Its ethoxy and ester functional groups also make it a versatile building block for further chemical modifications.