Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. It is particularly valuable in the synthesis of iodine-containing organic molecules, which are often utilized in medicinal chemistry for their biological activity. The compound's hydroxyl and carboxylic acid groups make it versatile for further chemical modifications, enabling the creation of complex molecules. Additionally, it can be employed in the development of dyes and pigments due to its aromatic structure and functional groups. Its iodine component also makes it useful in radiopharmaceuticals for diagnostic imaging.