Used as a key intermediate in the synthesis of various pharmaceutical compounds, particularly in the development of drugs targeting neurological disorders and cancer. Its boronic acid group facilitates Suzuki-Miyaura cross-coupling reactions, enabling the creation of complex organic molecules with potential therapeutic properties. Additionally, it serves as a building block in the production of fluorescent dyes and sensors, which are utilized in biochemical research and diagnostics. The compound's unique structure also makes it valuable in material science for designing advanced polymers and coatings.