Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of steroid derivatives and hormone analogs. Its structure allows for selective functionalization, making it valuable in creating complex organic molecules for medicinal research. Commonly employed in cross-coupling reactions, such as Suzuki or Heck reactions, to build biaryl systems found in bioactive molecules. Also utilized in the preparation of fluorescent probes and labeled compounds for biochemical assays due to the presence of the iodine atom, which facilitates radiolabeling or serves as a handle for further derivatization.