Used primarily as an intermediate in organic synthesis, particularly in pharmaceutical and agrochemical research. Its structure allows for facile modification through cross-coupling reactions, making it valuable in the development of new bioactive compounds. Commonly employed in the preparation of substituted aromatic compounds via palladium-catalyzed reactions such as Suzuki or Heck couplings. Also utilized in the synthesis of potential receptor ligands and enzyme inhibitors due to the presence of both amide and iodo functionalities, which can engage in hydrogen bonding and metal coordination.