Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. Its structure allows for the introduction of iodine and methyl groups into complex molecules, making it valuable in the development of drugs targeting specific biological pathways. Additionally, it is utilized in the synthesis of dyes and pigments, where its properties contribute to the stability and color intensity of the final product. In research, it acts as a building block for creating more complex aromatic compounds, aiding in the study of chemical reactions and material properties.