Ethyl 5-hydroxy-2-methyl-1H-indole-3-carboxylate is an active compound, and can be used in the synthesis of 2-phenylthiomethyl-indole derivatives, 2-phenylthiomethyl-indole derivative is a 5-lipoxygenase (5-LO) inhibitor[1].
[1]. Peduto A, et al. Further studies on ethyl 5-hydroxy-indole-3-carboxylate scaffold: design, synthesis and evaluation of 2-phenylthiomethyl-indole derivatives as efficient inhibitors of human 5-lipoxygenase. Eur J Med Chem. 2014 Jun 23;81:492-8.