This compound is primarily utilized in the synthesis of pharmaceuticals and agrochemicals due to its versatile chemical structure. It serves as a key intermediate in the production of various biologically active molecules, particularly those targeting enzyme inhibition or receptor modulation. Its bromo and hydroxyl groups make it a valuable building block for constructing complex heterocyclic compounds, which are often explored for their therapeutic potential. Additionally, it is used in research and development for creating novel compounds with potential applications in medicinal chemistry.