Used extensively in Suzuki-Miyaura cross-coupling reactions, this compound serves as a key reagent for forming carbon-carbon bonds, particularly in the synthesis of biaryl compounds. Its boronic acid group facilitates the coupling with aryl halides, making it valuable in pharmaceutical research for creating complex molecules. Additionally, it finds application in material science for developing organic electronic materials and polymers. Its role in medicinal chemistry is significant, aiding in the design of drugs targeting various diseases by enabling the construction of diverse molecular architectures.