This chemical is primarily utilized in the pharmaceutical and research industries as a key intermediate in the synthesis of various biologically active compounds. It plays a significant role in the development of indazole-based derivatives, which are known for their potential therapeutic applications. These derivatives are often explored for their anti-inflammatory, anticancer, and antimicrobial properties. Additionally, it serves as a building block in organic synthesis, particularly in the creation of complex molecules for drug discovery and development. Its structural features make it valuable for designing compounds that can interact with specific biological targets, aiding in the advancement of new medicinal agents.