Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of serotonin receptor agonists and antagonists, which are crucial for treating neurological disorders such as depression, anxiety, and migraines. Additionally, it plays a role in the synthesis of novel indole-based compounds that are explored for their potential anticancer properties. Its structural features make it a versatile building block in medicinal chemistry, enabling the creation of complex molecules with targeted biological activities.