This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various bioactive molecules, particularly those with potential therapeutic applications. It serves as a building block in the development of indole-based compounds, which are known for their diverse biological activities, including anti-inflammatory, anticancer, and antimicrobial properties. Researchers often employ it in the design and optimization of drug candidates targeting specific enzymes or receptors. Additionally, its structural features make it valuable in medicinal chemistry for exploring structure-activity relationships and improving drug efficacy.