Used primarily in organic synthesis as a building block for more complex molecules, this compound is often employed in the preparation of pharmaceutical intermediates. Its iodo and methoxy groups make it a versatile reagent for coupling reactions, such as Suzuki or Sonogashira reactions, which are crucial in drug development. Additionally, it serves as a precursor in the synthesis of bioactive compounds, including potential therapeutic agents targeting neurological disorders. Its application extends to material science, where it is utilized in the creation of organic electronic materials due to its electron-rich aromatic structure.