This compound is primarily utilized in organic synthesis and medicinal chemistry due to its boronic acid functional group, which is known for its ability to form stable complexes with diols and other Lewis bases. It is often employed in Suzuki-Miyaura cross-coupling reactions, a widely used method for forming carbon-carbon bonds, particularly in the synthesis of pharmaceuticals, agrochemicals, and advanced materials. Additionally, its structure makes it a potential candidate for the development of boron-based drugs, especially in targeting enzymes or receptors where boronic acid can act as a reversible inhibitor. Its hydroxypropyl carbamoyl group further enhances its solubility and bioavailability, making it suitable for use in drug delivery systems and bioimaging applications.