Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of kinase inhibitors and other biologically active compounds. Its structure supports conjugation in cross-coupling reactions, making it valuable in medicinal chemistry for building complex heterocyclic systems. Also employed in the preparation of fluorescent probes and labeled compounds for biochemical assays due to the presence of the iodine atom, which allows for further functionalization via palladium-catalyzed reactions.