This compound is primarily utilized in pharmaceutical research and development, particularly as an intermediate in the synthesis of more complex molecules. Its structure, featuring both an indazole core and a bromo substituent, makes it a valuable building block for creating potential drug candidates. Researchers often employ it in the design of compounds targeting various biological pathways, including enzyme inhibition or receptor modulation. Its hydroxyl group allows for further functionalization, enabling the creation of derivatives with enhanced pharmacological properties. Additionally, it may be explored in the development of treatments for conditions such as cancer, inflammation, or neurological disorders, given the biological activity often associated with indazole derivatives.