Primarily utilized in pharmaceutical research, this compound is a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the development of drugs targeting neurological disorders, such as Parkinson's disease and depression, due to its indole moiety, which is a common feature in many neuroactive compounds. Additionally, it serves as a building block in the production of inhibitors for enzymes like monoamine oxidase, which are crucial in regulating neurotransmitter levels in the brain. Its applications also extend to the field of organic synthesis, where it is used to create complex heterocyclic compounds with potential therapeutic properties.