This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing more complex molecules. Its structure, featuring both an ester group and an iodine substituent on the aromatic ring, makes it valuable in cross-coupling reactions, such as the Suzuki or Heck reactions, which are pivotal in pharmaceutical and agrochemical research. Additionally, it serves as a building block in the synthesis of fine chemicals, including potential drug candidates, due to its ability to introduce specific functional groups into target molecules. Its iodine atom also enables further derivatization through halogen exchange or nucleophilic substitution, enhancing its utility in diverse chemical transformations.