Used primarily as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, this compound enables the construction of complex organic molecules through its reactive hydroxyl and iodide functional groups. The presence of fluorine enhances binding selectivity in biologically active molecules, making it valuable in drug development. It is particularly useful in palladium-catalyzed cross-coupling reactions, where the iodide serves as a handle for forming carbon-carbon bonds. Its structure also supports the development of fluorinated analogs in medicinal chemistry, improving metabolic stability and membrane permeability of candidate drugs. Additionally, it finds use in the preparation of radiolabeled compounds for imaging studies due to the presence of iodine, which can be substituted with radioactive isotopes.