Used primarily in medical and pharmaceutical applications, it serves as an antiseptic and disinfectant agent due to its ability to inhibit bacterial and fungal growth. It is often incorporated into topical ointments and solutions for treating skin infections and wounds. Additionally, it exhibits anti-inflammatory properties, helping to reduce swelling and pain in affected areas.

Furthermore, it is utilized in diagnostic imaging as a contrast agent in radiographic studies, particularly for visualizing the gastrointestinal tract. Its iodine content makes it effective in blocking X-rays, enhancing the clarity of internal structures.

In laboratories and chemical processes, it is employed as a reagent in various analyses, research studies, and synthesis of other important compounds in the pharmaceutical and chemical industries.