Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the development of indole-based compounds, which are known for their biological activity. Additionally, it is utilized in research settings to study the properties and reactions of indole derivatives, aiding in the discovery of new drugs and therapeutic agents. Its role in the synthesis of complex molecules makes it a crucial component in the field of medicinal chemistry.