Used as an intermediate in the synthesis of pharmaceuticals and radiopharmaceuticals, particularly in the development of labeled compounds for medical imaging. Its iodine-containing aromatic structure makes it valuable in creating tracers for positron emission tomography (PET) and single-photon emission computed tomography (SPECT). Also employed in organic synthesis to build complex molecules where a functionalized iodophenyl scaffold is required. The hydroxyl group allows for further derivatization, enabling coupling reactions or esterification to modify pharmacokinetic properties in drug design.