Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and agrochemicals. It serves as a building block for creating complex molecules due to its reactive iodine and methoxy groups. Applied in cross-coupling reactions, such as Suzuki or Ullmann reactions, to form carbon-carbon or carbon-heteroatom bonds. Also employed in the development of dyes, pigments, and specialty chemicals. Its unique structure makes it valuable in research for designing and testing new compounds with potential biological activity.