Used primarily as an intermediate in pharmaceutical synthesis, this compound plays a key role in Suzuki-Miyaura cross-coupling reactions due to the presence of the boronate ester group. It enables the formation of biaryl structures, which are common motifs in drug development. Its hydroxyl functionality allows for further derivatization, making it valuable in constructing complex organic molecules, particularly in the discovery of new therapeutic agents. It is often employed in research settings for the development of novel compounds with potential biological activity.