Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of compounds requiring selective halogen substitution for enhanced reactivity or binding properties. Its functional groups allow for coupling reactions, such as Suzuki or Heck reactions, making it valuable in medicinal chemistry for constructing complex aromatic systems. Also employed in the preparation of radiolabeled compounds for imaging studies due to the presence of iodine, which can be substituted with radioactive isotopes. The carboxylic acid group enables esterification or amide formation, facilitating incorporation into larger bioactive molecules.