Used primarily in pharmaceutical research, it serves as an intermediate in the synthesis of various bioactive compounds, particularly those targeting the central nervous system. It is also employed in the development of potential therapeutic agents for neurological disorders, such as depression and anxiety, due to its structural similarity to indole derivatives. Additionally, it finds application in organic synthesis for creating complex molecules with potential medicinal properties. Its role in the production of dyes and pigments is also notable, contributing to the coloring industry.