This compound is primarily utilized in organic synthesis as a versatile building block for constructing more complex molecules. It is often employed in cross-coupling reactions, such as the Suzuki or Heck reactions, due to the presence of the iodine atom, which facilitates the formation of carbon-carbon bonds. Additionally, it serves as an intermediate in the production of pharmaceuticals, agrochemicals, and fine chemicals, where its ester and halogen functionalities allow for further functionalization. Its role in research and development is significant, particularly in the exploration of new drug candidates and materials with tailored properties.