This compound is primarily utilized in organic synthesis as an intermediate for the preparation of more complex molecules. Its structure, featuring both hydroxyl and iodo groups, makes it a versatile building block in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs). It is also employed in the creation of specialty chemicals, where its functional groups allow for further chemical modifications, such as cross-coupling reactions or esterification processes. Additionally, it finds use in research settings for studying reaction mechanisms or developing new synthetic methodologies. Its iodine component can be particularly useful in radiolabeling applications for imaging or diagnostic purposes.