Widely utilized in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the development of potential therapeutic agents targeting cancer, inflammation, and neurological disorders. Researchers often employ it to explore its inhibitory effects on specific enzymes or receptors, contributing to drug discovery efforts. Additionally, it is used in organic synthesis to create novel indazole derivatives, which are studied for their pharmacological properties. Its application extends to material science, where it is investigated for its potential in designing advanced organic materials with specific electronic or photonic properties.