Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of thyroid hormone analogs and radiopharmaceuticals due to the presence of iodine, which allows for radiolabeling. Its hydroxyl and hydroxymethyl functional groups enable further chemical modifications, making it valuable in organic synthesis for creating complex bioactive molecules. Also employed in the preparation of fluorescent probes and sensors, where the iodine atom can participate in coupling reactions to build larger conjugated systems.