Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its iodine and hydroxyl functional groups allow for versatile reactivity, enabling coupling reactions and chain elongation in molecule construction. Commonly employed in the development of radiolabeled compounds for medical imaging and research due to the presence of iodine, which can be substituted with radioactive isotopes. Also serves as a building block in the synthesis of polymers and specialty chemicals where controlled functional group placement is required.