This chemical is primarily utilized in pharmaceutical research and development due to its structural properties, which make it a valuable intermediate in the synthesis of various bioactive compounds. It is often employed in the creation of indole derivatives, which are known for their potential therapeutic applications, including the treatment of neurological disorders and cancer. Additionally, its role in the development of novel drugs targeting serotonin receptors highlights its significance in medicinal chemistry. Researchers also explore its use in organic synthesis to construct complex molecules with potential pharmacological activities.