Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of thyroid hormone analogs and anti-cancer agents. It serves as an alkylating agent in organic reactions, facilitating the introduction of phenoxyacetic side chains in drug molecules. Also employed in agrochemical synthesis for creating herbicides and plant growth regulators. Its iodine functionality allows for further modification via cross-coupling reactions, making it valuable in medicinal chemistry research and development.