Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of fluorinated and iodinated aromatic compounds. Its structure allows for selective functionalization in drug design, making it valuable in creating bioactive molecules. Commonly employed in cross-coupling reactions, such as Suzuki or Heck reactions, to build complex organic frameworks. Also utilized in radiolabeling studies and the preparation of imaging agents due to the presence of iodine, which can be substituted with radioactive isotopes.