Used primarily in organic synthesis, this compound serves as a key intermediate in the development of pharmaceuticals, particularly in the creation of biologically active molecules. It is often employed in Suzuki-Miyaura cross-coupling reactions to construct complex organic frameworks, which are essential in drug discovery and material science. Its boronic acid group enables efficient coupling with various aryl halides, making it valuable for producing compounds with potential therapeutic applications. Additionally, it is utilized in the synthesis of heterocyclic compounds, which are important in designing drugs with specific target interactions.