This compound is primarily utilized in organic synthesis as a building block for the development of more complex chemical structures. It is often employed in the pharmaceutical industry for the creation of drug intermediates, particularly in the synthesis of compounds with potential therapeutic properties. Additionally, it serves as a key reagent in the preparation of heterocyclic compounds, which are widely used in medicinal chemistry and material science. Its bromo and hydroxyl groups make it a versatile intermediate for various chemical reactions, including nucleophilic substitutions and coupling reactions.