This chemical is primarily used in organic synthesis as a building block for more complex molecules. It serves as an intermediate in the production of pharmaceuticals, particularly in the development of compounds with potential therapeutic properties. Its structure, featuring both a hydroxyl group and an iodine atom, makes it suitable for further functionalization, enabling the creation of diverse chemical entities. Additionally, it can be utilized in research settings for studying reaction mechanisms or developing new synthetic pathways. Its applications are often centered around its role in facilitating the creation of bioactive molecules in medicinal chemistry.