This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing more complex molecules. It is particularly valuable in pharmaceutical research, where it serves as a building block for developing active pharmaceutical ingredients (APIs). The presence of both fluorine and iodine atoms makes it a useful substrate for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential for creating carbon-carbon bonds in drug discovery. Additionally, its ester group allows for further functionalization, enabling the synthesis of a wide range of derivatives with potential biological activity. It is also employed in material science for the development of specialty chemicals and advanced materials.