Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of specialty chemicals including pharmaceuticals and agrochemicals. Its functional groups—iodo and acetate—allow for selective reactions, such as cross-coupling via the iodine moiety or controlled deprotection of the alcohol after acetate hydrolysis. It is also employed in the construction of complex molecules where a protected alcohol with a terminal halogen is required for chain extension or cyclization. Its reactivity makes it valuable in research settings for developing bioactive compounds.