As StormBorn already indicated, you can target allied Pokemon in a Double or Triple battle instead of an opponent, allowing you to heal an ally mid-battle. This makes it an ideal move for a Support role Pokemon, perhaps a dual screener.
Additionally, if you find yourself battling against an opponent that makes frequent use of Magic Coat and you have really good prediction skills, you can take advantage of the fact that Magic Coat will bounce the Heal Pulse back at the user just like a damaging move. In addition to the value of healing yourself, you get to take advantage of the massive psychological damage such a maneuver is likely to inflict on your opponent.