Used primarily in specialized catalytic reactions, particularly in organic synthesis where iridium-based catalysts are required. It serves as a precursor for generating active iridium species in hydrogenation and oxidation processes. Its bromine and sodium components can influence solubility and reactivity in aqueous or polar environments, making it suitable for homogeneous catalysis under mild conditions. Also explored in research for developing new iridium complexes with potential applications in photophysical devices and medicinal chemistry.