This compound is primarily utilized in the field of medicinal chemistry and drug discovery. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting kinase enzymes. Its structure is often incorporated into compounds designed for cancer therapy, as it can inhibit specific kinases involved in tumor growth and proliferation. Additionally, it is used in the development of fluorescent probes and imaging agents due to its unique photophysical properties, making it valuable for studying biological processes at the molecular level. Its iodine atom also allows for further functionalization, enabling the creation of diverse derivatives for research and pharmaceutical applications.