Used primarily as a synthetic intermediate in pharmaceutical research, this compound plays a role in the development of bioactive molecules and potential drug candidates. Its structure supports the creation of kinase inhibitors and other agents targeting cellular signaling pathways. It is also utilized in the synthesis of novel indazole derivatives for evaluation in anti-inflammatory, anticancer, and neuroprotective studies. Due to the presence of reactive functional groups, it allows for further chemical modifications, making it valuable in medicinal chemistry and the exploration of new therapeutic compounds.