This compound is primarily utilized in pharmaceutical research and development as an intermediate in the synthesis of more complex molecules. Its structure, featuring both a bromo and a carboxylate group, makes it a valuable building block for creating indazole derivatives, which are often explored for their potential biological activities. Researchers use it to design and develop compounds that may exhibit therapeutic properties, particularly in the fields of oncology and neurology. Additionally, it serves as a key reagent in organic synthesis, enabling the construction of diverse heterocyclic frameworks that are essential in drug discovery pipelines.