This compound is primarily utilized in organic synthesis as a versatile building block for the development of more complex molecules. Its structure, featuring both an iodine substituent and a carboxylate ester group, makes it valuable in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in pharmaceutical and material science research. The iodine atom serves as a reactive site for further functionalization, while the ester group can be hydrolyzed or transformed into other functional groups, enhancing its utility in designing drug candidates or organic materials. Additionally, its benzo[b]thiophene core is of interest in medicinal chemistry due to its potential biological activity, particularly in the development of compounds targeting various diseases.