Used primarily as an intermediate in organic synthesis, especially in the preparation of pharmaceutical compounds. Its structure allows for selective modifications, making it valuable in drug development research. The presence of the dioxolane group facilitates boron-based coupling reactions, commonly used in forming carbon-carbon bonds. It is also employed in the synthesis of bioactive molecules, including potential kinase inhibitors and anti-inflammatory agents. Due to its stability and reactivity profile, it serves as a building block in medicinal chemistry for creating libraries of compounds during high-throughput screening.