Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of angiotensin II receptor antagonists for treating hypertension. Its structure allows for the introduction of trifluoromethyl groups, which can enhance metabolic stability and binding affinity in drug molecules. Also employed in the preparation of liquid crystal compounds for display technologies due to its rigid biphenyl framework and electronic properties. Commonly utilized in Suzuki and other cross-coupling reactions to build complex aromatic systems in medicinal chemistry research.