Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, which are widely employed to form carbon-carbon bonds in drug development. Additionally, it finds application in the creation of complex molecules for research in medicinal chemistry, enabling the exploration of new therapeutic agents. Its boronic acid group also makes it useful in sensors and diagnostic tools, where it can selectively bind to specific biomolecules.