Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of thyroid hormone analogs and radiolabeled compounds for medical imaging. Its iodo group allows for easy incorporation of radioactive iodine isotopes, making it valuable in creating tracers for diagnostic applications in nuclear medicine. Also utilized in research settings for studying metabolic pathways and receptor binding due to its stable trifluoromethyl group, which enhances lipophilicity and bioavailability in biological systems.