Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in cross-coupling reactions such as Suzuki and Heck reactions, where the bromo and iodo groups allow selective functionalization due to differing reactivity (iodo more reactive than bromo). Its aldehyde group enables further transformations like reduction, oxidation, or condensation to form heterocyclic compounds. Commonly employed in the development of bioactive molecules, including potential drug candidates, antimicrobial agents, and functional materials such as fluorescent compounds.