Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of thyroid hormone analogs and contrast agents for medical imaging. Plays a role in the development of agrochemicals, including certain herbicides and fungicides. Employed in organic research for cross-coupling reactions, such as Suzuki and Heck reactions, to build complex aromatic compounds. Serves as a building block in the preparation of liquid crystals and functional materials. Its iodine moiety allows for further functionalization via halogen exchange or radiolabeling in tracer studies.