Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. Its structure allows for selective cross-coupling reactions, making it valuable in constructing complex bioactive molecules. Commonly employed in Suzuki and Stille coupling reactions to form biaryl systems found in drug candidates. Also utilized in the preparation of radiolabeled compounds for positron emission tomography (PET) imaging due to the presence of iodine, enabling tracking in biological systems.