This chemical is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of biologically active compounds. Its structure is often leveraged to create complex molecules, including potential drug candidates targeting neurological disorders or other therapeutic areas. Additionally, it is used in research settings to study chemical reactivity and to develop novel synthetic pathways. Its bromine and hydroxyl groups make it a useful building block for further functionalization in various chemical reactions.