This compound is primarily utilized in organic synthesis, particularly as a building block for more complex molecules. It is often employed in the development of pharmaceuticals, where its structure serves as a key intermediate in the synthesis of active pharmaceutical ingredients (APIs). The presence of both fluorine and iodine atoms makes it valuable for introducing these halogens into target molecules, which can enhance biological activity or modify pharmacokinetic properties. Additionally, it is used in materials science for the preparation of specialized polymers and coatings, where its unique chemical properties contribute to the desired characteristics of the final product.