Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. Its structure is particularly valuable in the development of indole-based drugs, which are widely utilized in treating neurological disorders, including depression and anxiety. Additionally, it plays a role in the synthesis of agrochemicals, contributing to the creation of pesticides and herbicides. Researchers also leverage its properties in the study of enzyme inhibition, aiding in the discovery of new therapeutic targets. Its versatility makes it a crucial component in both industrial and academic chemical research.