Used as a key intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of radiopaque agents for medical imaging. Its iodine content makes it valuable in creating contrast agents used in X-ray and CT imaging. Also employed in organic synthesis for constructing complex aromatic structures due to its reactive iodinated sites, which allow for further functionalization via cross-coupling reactions like Suzuki or Heck reactions. Additionally, it serves as a building block in the preparation of bioactive molecules and heterocyclic compounds with potential therapeutic applications.