This compound is primarily utilized in organic synthesis as an intermediate in the production of various pharmaceuticals and fine chemicals. It is often employed in the development of compounds with potential therapeutic properties, particularly in the field of medicinal chemistry. Its structure, featuring an iodophenyl group, makes it a valuable precursor in cross-coupling reactions, such as Suzuki or Heck reactions, which are crucial for constructing complex organic molecules. Additionally, it may be used in research settings to study the effects of iodine-substituted aromatic compounds in biological systems or material science applications.