Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly kinase inhibitors with potential anticancer activity. It serves as a building block in medicinal chemistry for constructing indazole-based scaffolds, which are found in drugs targeting inflammation, neurodegenerative diseases, and metabolic disorders. Its hydroxymethyl group allows for easy functionalization, enabling attachment to other molecular fragments through esterification, ether formation, or coupling reactions. Commonly employed in research settings for developing bioactive molecules and optimizing drug candidates.