Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators. It serves as a building block in the preparation of bioactive molecules targeting neurological disorders. Its aldehyde functional group allows for easy derivatization, enabling the formation of imines, oximes, or other condensation products useful in medicinal chemistry. Also employed in the production of agrochemicals and fluorescent probes due to its indole backbone, which is known for favorable electronic and binding properties.