This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a significant role in the development of pharmaceuticals, particularly in the construction of complex molecular structures. Its iodine moiety makes it a valuable reagent for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in creating biologically active molecules. Additionally, it is employed in the synthesis of heterocyclic compounds, which are often key components in drug discovery and development. Its application extends to materials science, where it contributes to the creation of specialized polymers and organic electronic materials.