Used in organic synthesis as a building block for more complex molecules, particularly in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs). It serves as an intermediate in the production of dyes and pigments, contributing to vibrant and stable colors in various industrial applications. Also employed in research and development for creating novel compounds with potential biological activity, such as antimicrobial or anticancer agents. Its iodine and methoxy groups make it a versatile reagent in cross-coupling reactions, which are essential in modern synthetic chemistry.