This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its structure, featuring an iodine atom and an ester group, makes it a valuable building block in cross-coupling reactions, such as the Suzuki or Heck reactions, which are essential for creating complex organic molecules. Additionally, it can be employed in the synthesis of heterocyclic compounds, which are often found in drugs targeting specific biological pathways. Its application extends to research laboratories, where it is used to develop novel compounds with potential therapeutic or agricultural benefits.