This compound is primarily used in organic synthesis as a building block for the preparation of more complex molecules, particularly in pharmaceutical research. It serves as a key intermediate in the development of imidazole-based compounds, which are known for their diverse biological activities. The iodine atom in the structure makes it a valuable candidate for further functionalization through cross-coupling reactions, such as Suzuki or Sonogashira reactions, enabling the creation of novel drug candidates. Additionally, its imidazole core is often exploited in the design of compounds targeting enzymes or receptors, making it relevant in the discovery of potential therapeutics for conditions like inflammation, infections, or cancer. Its ester group also allows for easy modification, facilitating the synthesis of derivatives with enhanced properties.