This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in the development of pharmaceutical agents. Its unique structure makes it a valuable intermediate in the production of drugs targeting specific biological pathways. It is often employed in research settings for the creation of novel therapeutic molecules, especially those involved in neurological and cardiovascular treatments. Additionally, it plays a role in the development of fluorescent dyes and imaging agents used in biochemical studies, aiding in the visualization of cellular processes. Its nitro and iodo groups enhance its reactivity, making it suitable for various coupling reactions in organic chemistry.