This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing complex molecules. Its unique structure, featuring both bromo and iodo substituents, makes it a valuable building block in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in pharmaceutical and materials chemistry. Additionally, the presence of the methanol group allows for further functionalization, enabling the creation of diverse derivatives for use in drug discovery and development. Its role in synthesizing biologically active compounds, particularly in medicinal chemistry, highlights its significance in research and industrial applications.