Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. It serves as a building block in medicinal chemistry due to its ability to undergo selective functionalization at the bromo position, enabling the creation of diverse indazole derivatives. These derivatives are explored for their biological activity in neurological disorders, inflammation, and metabolic diseases. Its hydroxyl and bromo groups allow for coupling reactions, making it valuable in combinatorial chemistry and drug discovery research.