This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of indazole derivatives. It serves as a key intermediate in the creation of biologically active molecules, often targeting therapeutic areas such as oncology, inflammation, and central nervous system disorders. Its structural features, including the bromo and methoxy groups, make it a versatile building block for modifying and optimizing drug candidates. Additionally, it is employed in organic synthesis for constructing complex heterocyclic frameworks, which are essential in medicinal chemistry for drug discovery and development.