This chemical is primarily used in organic synthesis as a building block for more complex molecules. It is often employed in the preparation of pharmaceutical intermediates due to its reactive iodine and ester functional groups, which allow for further modifications. Additionally, it serves as a useful reagent in cross-coupling reactions, such as Suzuki or Sonogashira couplings, to create biaryl or alkyne derivatives. Its methoxy group also makes it a candidate for studies in medicinal chemistry, particularly in the development of compounds targeting specific biological pathways.