Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of radiopharmaceuticals for medical imaging. Its structure allows for easy incorporation into molecules targeting specific receptors, making it valuable in positron emission tomography (PET) tracer development. Also employed in the preparation of bioactive compounds and functionalized peptides due to the presence of both amino and iodinated aromatic groups, which facilitate coupling reactions and labeling techniques in medicinal chemistry research.