This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of biologically active molecules, particularly those targeting protein kinases. Its structural features make it suitable for designing inhibitors that can modulate enzyme activity, which is crucial in treating diseases like cancer, inflammation, and neurodegenerative disorders. Additionally, its bromo and hydroxy groups provide reactive sites for further chemical modifications, enabling the creation of diverse derivatives for screening and optimization in pharmacological research.