Used primarily in organic synthesis, this compound serves as a key intermediate in the production of more complex molecules, particularly in pharmaceutical research. It is often employed in the development of heterocyclic compounds, which are crucial in drug discovery for their biological activity. Additionally, it finds application in the synthesis of agrochemicals, where it contributes to the creation of compounds with potential pesticidal or herbicidal properties. Its bromo and hydroxymethyl functional groups make it a versatile building block for various chemical transformations.