Used primarily as an intermediate in pharmaceutical synthesis, this compound enables the formation of carbon-carbon bonds via Suzuki-Miyaura cross-coupling reactions. Its boronate ester group facilitates coupling with aryl or heteroaryl halides, making it valuable in constructing complex organic molecules, especially in drug discovery and development. The presence of a hydroxymethyl group allows further functionalization, such as oxidation or esterification, enabling diversification of molecular structures. It is particularly useful in synthesizing biaryl compounds with specific substitution patterns required in active pharmaceutical ingredients.