This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly in the development of small molecule inhibitors and receptor modulators. It serves as a key intermediate in the production of compounds targeting specific enzymes or proteins involved in disease pathways. Its bromomethyl group allows for further functionalization, making it valuable in medicinal chemistry for creating diverse bioactive molecules. Additionally, it is employed in research settings for studying the biological activity of indazole derivatives, which are known for their potential therapeutic applications in treating conditions such as cancer, inflammation, and neurological disorders.