This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of biologically active molecules, particularly those targeting protein kinases. Its structural features, including the indazole core and pyridine moiety, make it a valuable scaffold for designing inhibitors that modulate enzyme activity. Researchers often employ it in the development of potential anticancer agents, as it can interact with specific cellular pathways involved in tumor growth and proliferation. Additionally, its iodine substituent allows for further functionalization, enabling the creation of diverse derivatives for structure-activity relationship studies. This compound is also explored in the design of fluorescent probes and imaging agents due to its ability to bind selectively to biological targets, aiding in the visualization of cellular processes.