Used primarily in organic synthesis, this compound serves as a key intermediate in the development of pharmaceuticals, particularly in the creation of biologically active molecules. It is often employed in Suzuki-Miyaura cross-coupling reactions, which are crucial for constructing complex organic compounds, including potential drug candidates. Its boronic acid group facilitates the formation of carbon-carbon bonds, making it valuable in the synthesis of novel therapeutic agents. Additionally, it may be utilized in research for designing and testing new chemical entities with potential applications in medicinal chemistry.