Used primarily in organic synthesis as a building block for pharmaceuticals and agrochemicals, this compound serves as a key intermediate in Suzuki-Miyaura cross-coupling reactions. Its boronate ester group enables efficient carbon-carbon bond formation, making it valuable in the development of complex indole derivatives. These derivatives are often found in bioactive molecules, including kinase inhibitors and serotonin receptor modulators. The nitrile functionality adds further versatility, allowing transformations into tetrazoles, amines, or carboxylic acids for structure-activity relationship studies. It is particularly useful in medicinal chemistry for constructing drug-like scaffolds with improved metabolic stability and binding affinity.