This compound is primarily utilized in organic synthesis as a building block for more complex molecules. Its structure, featuring both bromine and iodine substituents on the phenyl ring along with a hydroxymethyl group, makes it a versatile intermediate in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in pharmaceutical and materials science research. The differential reactivity of bromine and iodine allows for selective functionalization. Additionally, the presence of the hydroxyl group enables further derivatization, creating tailored properties for specific applications. It is also employed in the development of liquid crystals and advanced polymers, where precise molecular design is critical.