This compound is primarily utilized in organic synthesis as a building block for more complex molecules. It serves as an intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting neurological and cardiovascular disorders. Its structure, featuring an iodine atom, makes it valuable in cross-coupling reactions, such as Suzuki or Heck reactions, which are essential for creating carbon-carbon bonds in medicinal chemistry. Additionally, it finds application in the synthesis of dyes and agrochemicals, where its aromatic and ester functional groups contribute to the desired chemical properties of the final products.