Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of active pharmaceutical ingredients (APIs) due to its ability to introduce iodine into complex molecules, which can enhance biological activity. Additionally, it is employed in the synthesis of ligands for catalytic systems, aiding in the creation of more efficient and selective catalysts. Its application extends to the field of medicinal chemistry, where it is utilized in the design and synthesis of novel therapeutic agents targeting specific diseases.