Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure, featuring both iodo and methoxy groups, makes it valuable in cross-coupling reactions, such as Suzuki and Heck reactions, which are essential for constructing complex organic molecules. Additionally, it is employed in the development of agrochemicals and dyes, where its unique reactivity allows for the creation of specialized compounds. Researchers also utilize it in the synthesis of bioactive molecules, particularly in medicinal chemistry, where it contributes to the discovery of new drug candidates.