Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of serotonin receptor modulators and other central nervous system agents. Its aldehyde and indole functionalities allow for selective chemical modifications, making it valuable in constructing complex heterocyclic structures. Commonly employed in medicinal chemistry for building blocks in tryptamine and ergot alkaloid analogs. Also utilized in research settings for generating fluorescent probes due to the inherent optical properties of the indole core.