Used as a key intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of bioactive molecules and drug candidates. Its structure allows for selective functionalization in organic reactions, making it valuable in forming carbon–carbon and carbon–heteroatom bonds. Commonly employed in cross-coupling reactions such as Suzuki or Heck reactions due to the presence of the iodine atom, which facilitates metal-catalyzed transformations. Also utilized in the preparation of natural product analogs and agrochemicals where methoxy and hydroxyl functionalities are required for biological activity.