Used as a key intermediate in the synthesis of pharmaceuticals and biologically active compounds, particularly in the development of serotonin receptor modulators and other neuroactive agents. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for constructing indole-based drug candidates. It is also employed in the preparation of fluorescent probes and dyes due to the inherent photophysical properties of the indole scaffold. Commonly utilized in research settings for generating libraries of compounds in drug discovery programs targeting central nervous system disorders and cancer.