Used in organic synthesis as a key intermediate for constructing complex molecules, particularly in pharmaceutical research. It serves as a building block for developing active pharmaceutical ingredients (APIs) and other biologically active compounds. The presence of the iodine atom makes it valuable in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in creating carbon-carbon bonds. Additionally, its ester group allows for further functionalization, enabling the production of diverse chemical structures. It is also employed in material science for synthesizing specialized polymers and organic materials with specific properties.