Used primarily as a key intermediate in the synthesis of pharmaceuticals and agrochemicals. Its functional groups—bromine and iodine—allow selective cross-coupling reactions, making it valuable in constructing complex organic molecules. Commonly employed in palladium-catalyzed reactions such as Suzuki or Heck couplings to form carbon-carbon bonds. Also utilized in the development of bioactive compounds, including potential drug candidates targeting central nervous system disorders and inflammation. Its hydroxyl group enables further derivatization, such as esterification or ether formation, enhancing its versatility in medicinal chemistry research.