Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. It serves as a building block in medicinal chemistry due to its indazole core, which is known for promoting biological activity in drug candidates. Commonly employed in the preparation of small molecule therapeutics targeting inflammatory diseases and neurological disorders. Its hydroxymethyl group allows for easy functionalization, enabling attachment to other molecular frameworks in drug design. Also utilized in research settings for creating compound libraries in high-throughput screening for new bioactive molecules.