Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals and fine chemicals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) for therapeutic drugs. Its structure allows for further functionalization, making it a versatile building block in medicinal chemistry. Additionally, it may be employed in the synthesis of complex molecules for research purposes, aiding in the discovery of new compounds with potential biological activity. Its iodine component can also facilitate cross-coupling reactions, which are essential in creating diverse chemical structures.