This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing complex molecules. Its structure, featuring both bromine and iodine substituents, allows for selective functionalization through various cross-coupling reactions, such as Suzuki or Sonogashira couplings. These reactions are essential in the development of pharmaceuticals, agrochemicals, and advanced materials. Additionally, the presence of the methanol group enables further derivatization, making it a valuable building block in medicinal chemistry for creating drug candidates or bioactive molecules. Its application is particularly significant in the synthesis of heterocyclic compounds, which are often key components in therapeutic agents.