This compound is primarily utilized in the field of medicinal chemistry as an intermediate in the synthesis of more complex pharmaceutical agents. Its structure, featuring both an indazole core and ester functionality, makes it a valuable building block for developing compounds with potential biological activity. Researchers often employ it in the design and synthesis of molecules targeting specific enzymes or receptors, particularly in the development of anti-inflammatory, anticancer, or antimicrobial agents. Additionally, its reactivity allows for further functionalization, enabling the creation of diverse chemical libraries for drug discovery and optimization studies.