Used in organic synthesis as an intermediate for producing more complex molecules. It is particularly valuable in the development of pharmaceuticals, where it serves as a building block for active pharmaceutical ingredients (APIs). The compound's hydroxyl and hydroxymethyl groups make it versatile for chemical modifications, enabling the creation of targeted drug candidates. Additionally, it finds applications in material science, where it can be incorporated into polymers or coatings to enhance specific properties like adhesion or durability. Its iodine component also makes it useful in radiopharmaceuticals for diagnostic imaging.