Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its structure allows for further functionalization, making it valuable in medicinal chemistry for constructing iodinated aromatic frameworks. The compound is also employed in research settings for radiolabeling studies due to the presence of iodine, enabling imaging and tracer applications. Additionally, it serves as a building block in the preparation of more complex ester and amide derivatives for drug discovery.