This compound is primarily utilized in the synthesis of various organic molecules, particularly in the development of pharmaceuticals and bioactive compounds. It serves as a key intermediate in the production of indole derivatives, which are known for their diverse biological activities. The compound is often employed in research focused on creating new drugs targeting neurological disorders, due to its structural similarity to neurotransmitters. Additionally, it is used in the development of dyes and pigments, leveraging its indole core for colorant applications. Its role in organic synthesis also extends to the creation of complex molecules for material science and chemical research.