Used primarily as an intermediate in the synthesis of pharmaceuticals and bioactive compounds. Its structure allows for further functionalization in the development of fluorinated and iodinated organic molecules, which are valuable in medicinal chemistry due to enhanced metabolic stability and binding affinity. Commonly employed in cross-coupling reactions, such as Suzuki or Heck reactions, to construct complex aromatic systems found in drug candidates. Also utilized in the preparation of radiolabeled compounds for imaging studies, taking advantage of the iodine atom for labeling with radioactive isotopes. Its fluorine content can improve membrane permeability in resulting drug derivatives, making it useful in the design of central nervous system agents.