Used as an intermediate in the synthesis of biologically active compounds, particularly in the development of fluorescent probes and sensors. Its structure supports conjugation with biomolecules for use in bioimaging and detection of cellular components. Also employed in medicinal chemistry research for designing inhibitors targeting specific enzymes due to its ability to interact with protein binding sites. The nitro and iodo groups allow further functionalization through reduction and coupling reactions, making it valuable in multi-step organic synthesis for pharmaceuticals and agrochemicals.