Used primarily in organic synthesis as an intermediate for pharmaceutical development, this compound serves as a building block in the preparation of biologically active molecules. Its structure supports the creation of indazole-based derivatives, which are of interest in medicinal chemistry due to their potential kinase inhibitory activity. It is also employed in research settings to develop compounds targeting neurological disorders and cancer pathways. The presence of iodine allows for further functionalization via cross-coupling reactions, making it valuable in structure-activity relationship (SAR) studies and drug discovery programs.