Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of indole-based compounds with potential antitumor and anti-inflammatory activities. Commonly employed in organic synthesis for constructing complex heterocyclic systems due to the presence of both iodine and ester functional groups, which allow for further transformations via cross-coupling reactions such as Suzuki or Heck reactions. Also utilized in the preparation of fluorescent dyes and bioactive molecules in medicinal chemistry research.