Used primarily as an intermediate in organic synthesis, particularly in the development of pharmaceutical compounds. Its structure allows for further functionalization, making it valuable in the preparation of bioactive molecules. The presence of the iodine atom enables coupling reactions, such as Suzuki or Heck reactions, useful in constructing complex organic frameworks. It is also employed in medicinal chemistry for labeling and tracer studies due to the radioactive isotope compatibility of iodine. Additionally, it serves as a building block in the synthesis of receptor ligands and enzyme inhibitors.