Used primarily as a key intermediate in the synthesis of pharmaceutical compounds, especially in the development of contrast agents for medical imaging. Its structure allows for easy functionalization, making it valuable in creating iodinated aromatic compounds that enhance X-ray contrast. It is also employed in research settings for the preparation of bioactive molecules and labeled compounds due to the presence of the iodine atom, which facilitates detection and radiolabeling. Additionally, it serves as a building block in the manufacture of certain analgesics and anti-inflammatory agents.