Used in the synthesis of thyroid hormones, particularly as an intermediate in the preparation of iodothyronines like thyroxine (T4) and triiodothyronine (T3). The iodinated aromatic ring and chiral hydroxy acid structure make it valuable in medicinal chemistry for developing hormone analogs and metabolic probes. Also employed in radiolabeling studies due to the presence of iodine, enabling imaging and tracer applications in endocrine research.