Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building complex aromatic compounds. Commonly employed in coupling reactions, such as Suzuki or Heck reactions, to introduce the benzoic acid moiety in drug candidates. Also utilized in radiolabeling studies due to the presence of iodine, enabling tracking in biological systems.