Used in pharmaceutical research as a key intermediate in the synthesis of biologically active compounds, particularly kinase inhibitors. It serves as a building block for drug candidates targeting cancer and inflammatory diseases due to its ability to modulate signaling pathways. The compound's structure allows for easy functionalization, making it valuable in structure-activity relationship (SAR) studies during drug development. It is also employed in the preparation of indazole-based derivatives with potential antitumor and antiviral properties.