This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of complex molecules. It serves as a key intermediate in the creation of various biologically active compounds, especially those targeting specific enzymes or receptors. Its boronic acid group enables it to participate in Suzuki-Miyaura cross-coupling reactions, a widely used method for forming carbon-carbon bonds in drug discovery. Additionally, its structure makes it valuable in the design of potential therapeutic agents, including kinase inhibitors, which are crucial in treating diseases like cancer. Researchers also explore its use in developing diagnostic tools and imaging agents due to its ability to bind selectively to certain biological targets.