Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of selective enzyme inhibitors and receptor modulators. Its structure supports derivatization for use in medicinal chemistry, especially in creating analogs for biological screening. Also employed in the preparation of fluorescent probes due to the presence of the iodine atom, which can facilitate further functionalization via cross-coupling reactions. Commonly applied in research settings for drug discovery and development targeting metabolic and neurological disorders.