Primarily used in organic synthesis as a versatile intermediate for the preparation of various pharmaceuticals and agrochemicals. It serves as a key building block in the development of complex molecules due to the presence of reactive functional groups like the nitro and ester groups, which can undergo further chemical transformations. Additionally, the iodine atom allows for participation in cross-coupling reactions, making it valuable in the synthesis of aromatic compounds. Its applications also extend to research and development in medicinal chemistry, where it is utilized to create potential drug candidates with specific biological activities.