Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. It is particularly valuable in the synthesis of complex molecules due to its reactive iodine and hydroxyl groups, which allow for further functionalization. In medicinal chemistry, it is employed to develop potential drug candidates, especially in the creation of compounds with antibacterial or antifungal properties. Additionally, it finds application in the preparation of ligands for catalytic processes, aiding in the development of efficient catalysts for industrial chemical reactions. Its versatility makes it a useful building block in research and development across multiple chemical disciplines.