Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of fluorinated organic compounds. Its structure allows for selective functionalization in drug design, making it valuable in creating biologically active molecules. Commonly employed in cross-coupling reactions due to the presence of iodine, enabling the formation of carbon-carbon bonds in advanced synthetic pathways. Also utilized in the preparation of liquid crystals and specialty materials where fluorine substitution enhances stability and electronic properties.