Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. It is particularly valuable in the synthesis of β-blockers, a class of drugs used to manage cardiovascular conditions like hypertension and arrhythmias. Additionally, it is employed in the preparation of chiral building blocks for asymmetric synthesis, aiding in the development of enantiomerically pure compounds. Its bromine and hydroxyl groups make it a versatile reagent for nucleophilic substitution and coupling reactions, enabling the creation of complex molecular structures in medicinal chemistry and material science.