This chemical is primarily utilized in organic synthesis as a versatile intermediate. It serves as a key building block in the preparation of complex molecules, particularly in pharmaceutical research. The presence of both bromine and iodine atoms on the aromatic ring allows for selective cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in constructing biologically active compounds. Additionally, it is employed in the development of agrochemicals and materials science, where its unique structure aids in creating specialized polymers or functional materials. Its reactivity also makes it valuable in the synthesis of heterocyclic compounds, which are often used in drug discovery and development.