Used in organic synthesis as a versatile intermediate for pharmaceuticals and functional materials. The presence of both hydroxyl and iodomethyl groups allows for selective transformations, including cross-coupling reactions and nucleophilic substitutions. Commonly employed in the development of bioactive molecules due to its rigid bicyclic scaffold, which can enhance metabolic stability and binding selectivity in drug candidates. Also utilized in the preparation of radiolabeled compounds for imaging studies, leveraging the iodine atom for detection or tracer applications.