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 production of indole derivatives, which are known for their potential therapeutic properties. These derivatives are often explored for their roles in treating neurological disorders, cancer, and inflammation due to their interaction with specific biological pathways. Additionally, it is used in organic chemistry research to develop novel compounds with potential applications in drug discovery and development. Its structural properties make it valuable for creating complex molecules with targeted biological activities.