Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of small molecule inhibitors targeting specific enzymes or receptors, aiding in drug discovery efforts. Additionally, it finds application in the study of indazole derivatives, which are explored for their potential therapeutic properties, including anti-inflammatory, anticancer, and antimicrobial activities. Its structural features make it a versatile building block in organic synthesis, enabling the creation of complex molecules for further biological evaluation.