Used primarily as a key intermediate in the synthesis of pharmaceuticals, particularly in the preparation of thyroid hormone analogs and radiolabeled compounds for medical imaging. Its iodine functionality allows for easy incorporation of radioactive isotopes, making it valuable in developing diagnostic agents for thyroid disorders. Also utilized in organic synthesis to build complex aromatic structures through cross-coupling reactions or as a building block in the development of bioactive molecules. The hydroxyl group enables further derivatization, such as esterification or ether formation, supporting its role in medicinal chemistry research.