Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of radiolabeled compounds for medical imaging. Its structure allows for easy incorporation into more complex molecules, making it valuable in the preparation of tracers used in positron emission tomography (PET) studies. Also utilized in organic synthesis to build bioactive molecules, especially those targeting neurological receptors due to its structural similarity to certain neurotransmitters. The iodo group enables coupling reactions such as Suzuki or Heck reactions, facilitating the creation of diverse compound libraries in drug discovery.