This compound is primarily utilized in pharmaceutical research and development as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the design of compounds targeting enzyme inhibition, making it relevant for drug discovery in areas such as oncology and neurology. Additionally, it is employed in the development of potential therapeutic agents for treating diseases like cancer, where its indazole core plays a crucial role in modulating specific biological pathways. Its chloro and methoxy functional groups further enhance its reactivity and specificity in chemical reactions, making it a versatile building block in medicinal chemistry.