Used as a key intermediate in organic synthesis, particularly in the development of pharmaceuticals and agrochemicals. It plays a significant role in the construction of complex molecules due to its iodine substituent, which facilitates cross-coupling reactions like Suzuki and Heck reactions. This compound is also employed in the study of bioactive compounds, aiding in the discovery of new drugs with potential therapeutic effects. Its structural framework is valuable in designing compounds for targeting specific biological pathways.