Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors for cancer treatment. It serves as a building block in medicinal chemistry due to its indazole core, which is known for biological activity in anti-inflammatory and neuroprotective agents. Also employed in the preparation of analogs for structure-activity relationship (SAR) studies. Its hydroxyl and methyl groups allow for further functionalization, making it valuable in drug discovery and development.