This compound is primarily utilized in the synthesis of various biologically active molecules, particularly in pharmaceutical research. It serves as a key intermediate in the development of indole-based compounds, which are known for their potential therapeutic properties. The presence of functional groups like the formyl and carboxylate moieties allows for further chemical modifications, making it valuable in creating derivatives with potential applications in drug discovery. Additionally, it may be employed in the study of enzyme inhibitors or receptor modulators due to its structural features. Its role in organic synthesis also extends to the preparation of complex heterocyclic compounds, which are often explored for their medicinal and agrochemical properties.