Used in organic synthesis as an intermediate for producing various pharmaceuticals and bioactive compounds. It plays a role in the development of radiopharmaceuticals for medical imaging, particularly in single photon emission computed tomography (SPECT) scans using isotopes like I-123. The compound is also utilized in the synthesis of liquid crystals, which are essential in display technologies like LCDs. Additionally, it serves as a building block in the creation of specialized polymers and materials for advanced industrial applications. The iodo and hydroxyethyl functional groups enable diverse reactivity, such as in cross-coupling reactions and further derivatization.