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 medicinal chemistry, making it valuable in creating bioactive molecules. The presence of both iodine and trifluoromethyl groups facilitates cross-coupling reactions, enabling the construction of complex aromatic systems used in drug discovery. Also employed in the preparation of specialty polymers and liquid crystals due to its unique electronic and steric properties.