Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antihypertensive and antidiabetic agents. Its structure allows for selective functionalization in multi-step organic reactions, making it valuable in medicinal chemistry. Commonly employed in cross-coupling reactions such as Suzuki or Heck reactions due to the presence of the iodine moiety, enabling the formation of carbon-carbon bonds. Also utilized in the preparation of agrochemicals and functional materials where substituted aromatic esters are required. Its methoxy and methyl groups assist in directing electrophilic substitution and enhancing lipophilicity in target molecules.