Used in organic synthesis, particularly as a building block for the preparation of various heterocyclic compounds. It serves as a key intermediate in the development of pharmaceuticals, especially in the synthesis of bioactive molecules and potential drug candidates. Its iodine substituent makes it valuable in radiolabeling applications for imaging and diagnostic purposes. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable azo compounds. Its hydrazine moiety is useful in coupling reactions and the formation of hydrazones, which are important in chemical and biochemical research.