Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of local anesthetics and antiarrhythmic drugs. It serves as a building block in organic reactions where the amino and ester functional groups allow for further chemical modifications. The presence of iodine facilitates radiolabeling applications, making it valuable in the development of imaging agents for medical diagnostics. Also employed in research settings to design compounds with potential biological activity, especially in cardiovascular and neurological drug discovery.