Used in organic synthesis as a versatile intermediate for constructing complex molecules, particularly in the preparation of cyclopentene derivatives. It plays a role in the development of pharmaceuticals, where it can be utilized to introduce iodine atoms into specific positions of a molecule, enabling further functionalization. Additionally, it is employed in the synthesis of natural products and bioactive compounds, aiding in the exploration of new drug candidates. Its reactivity makes it valuable in cross-coupling reactions, contributing to the creation of diverse chemical structures in medicinal chemistry and materials science.