Used in organic synthesis as a building block for more complex molecules, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as an intermediate in the production of various iodinated compounds, which are valuable in medicinal chemistry for their potential biological activity. Additionally, it is employed in the development of liquid crystal materials and as a reagent in cross-coupling reactions, aiding in the creation of advanced materials and fine chemicals. Its iodine moiety makes it useful in radiolabeling applications for imaging and diagnostic purposes in medical research.