Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of bioactive molecules and heterocyclic compounds. Its structure allows for further functionalization, making it valuable in medicinal chemistry for constructing complex organic frameworks. Commonly employed in cross-coupling reactions, such as Suzuki or Heck reactions, to form carbon-carbon bonds in drug discovery pathways. Also utilized in the preparation of fluorescent probes and labeled compounds for biochemical imaging and research due to the presence of the iodine atom, which can serve as a site for radiolabeling or further derivatization.