Used as an intermediate in the synthesis of dyes and fluorescent compounds, particularly in the production of naphthoflavones and other polycyclic aromatic systems. It serves in organic research for constructing complex heterocyclic structures due to the reactivity of the iodo group in coupling reactions like Suzuki or Heck reactions. Also applied in the development of photochemical probes and sensors owing to its favorable photophysical properties. Its hydroxyl group allows for further functionalization, making it useful in creating ligands for metal complexes and in pharmaceutical research for building bioactive molecules.