Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves in the construction of aromatic compounds where the iodine moiety allows for further functionalization via cross-coupling reactions such as Suzuki or Heck reactions. Commonly employed in the development of bioactive molecules, including potential drug candidates and imaging agents. Its acetate group can be easily hydrolyzed to yield phenolic derivatives, making it valuable in multi-step synthesis routes. Also utilized in research settings for labeling and derivatization due to the presence of the heavy iodine atom, which can aid in detection or radiolabeling applications.