Used as an 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 through the amino and ester groups, making it valuable in medicinal chemistry for building complex heterocyclic compounds. Also employed in the preparation of dyes and fluorescent probes due to the presence of the iodine atom, which can facilitate coupling reactions and enhance photostability.