This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its indole structure, which is a common framework in many biologically active molecules. It serves as a key intermediate in the development of drugs targeting neurological disorders, such as serotonin receptor modulators, which are crucial for treating conditions like depression and anxiety. Additionally, it is employed in the creation of agrochemicals, particularly in the formulation of pesticides and herbicides, where its structural properties enhance efficacy and specificity. The compound also finds applications in organic synthesis, where it is used to construct complex molecules for research and industrial purposes, leveraging its reactivity and versatility in chemical transformations.