This compound is primarily utilized in organic synthesis as a key building block for the development of more complex chemical structures. Its bromine atom makes it a versatile building block for various coupling reactions, such as Suzuki or Heck reactions, which are essential in the synthesis of pharmaceuticals and agrochemicals. Additionally, the presence of the hydroxyl group allows for further functionalization, enabling the creation of diverse derivatives with potential biological activity. Researchers often employ it in the study of drug discovery, particularly in the design of molecules targeting central nervous system disorders due to its structural similarity to certain bioactive compounds. Its application extends to material science, where it can be used to synthesize novel organic materials with specific electronic or optical properties.