Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of compounds with targeted biological activity. Its structure allows for further functionalization through cross-coupling reactions, making it valuable in medicinal chemistry for building complex aromatic systems. Commonly employed in Suzuki and Heck reactions to form biaryl derivatives with potential therapeutic properties. Also utilized in research settings for the preparation of labeled compounds and imaging agents due to the presence of iodine, which can be exploited in radiolabeling applications.