Primarily used 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 indazole-based derivatives, which are explored for their potential therapeutic applications. These derivatives are studied for their anti-inflammatory, anticancer, and antimicrobial properties. Additionally, the compound is utilized in organic synthesis to create complex structures for drug discovery and development. Its unique structure allows for modifications that can enhance the efficacy and selectivity of potential drug candidates.