Used primarily as an intermediate in the synthesis of pharmaceuticals and agrochemicals, this compound plays a key role in cross-coupling reactions due to the presence of both iodine and chlorine substituents. The iodine allows for selective functionalization via palladium-catalyzed reactions such as Suzuki or Heck couplings, while the chlorine atoms offer additional sites for nucleophilic substitution. It is particularly valuable in the development of heterocyclic compounds used in crop protection agents and bioactive molecules. Its reactivity profile makes it suitable for stepwise derivatization in multi-step organic syntheses.