This compound is primarily utilized in the medical field, particularly in diagnostic imaging. It serves as a key component in the synthesis of thyroid hormone analogs, which are essential for studying and diagnosing thyroid-related disorders. Its structure allows it to mimic natural thyroid hormones, making it valuable in radiolabeled forms for imaging techniques like scintigraphy. Additionally, it is used in research to investigate thyroid function and the mechanisms of hormone action, aiding in the development of treatments for thyroid diseases.