Used in the synthesis of pharmaceutical intermediates, particularly in the development of serotonin receptor modulators. It serves as a building block in the preparation of bioactive molecules for neurological research. Commonly employed in the creation of indole-based compounds with potential antidepressant and antipsychotic activity. Also utilized in agrochemical research for developing new plant growth regulators. Its aldehyde functional group allows for easy derivatization, making it valuable in combinatorial chemistry and drug discovery.