Used primarily as a synthetic intermediate in organic chemistry, particularly in the development of pharmaceuticals and bioactive compounds. Its structure serves as a building block for indazole-based molecules, which are found in various medicinal agents, including kinase inhibitors and anti-inflammatory drugs. It is also employed in research settings for the synthesis of novel heterocyclic compounds with potential therapeutic activity. Due to the presence of the ester and indazole functionalities, it allows for further chemical modifications, making it valuable in drug discovery and development.