Used as an intermediate in the synthesis of X-ray contrast media, particularly in the production of iodinated compounds that enhance imaging in diagnostic radiology. It serves as a building block for creating water-soluble contrast agents due to its high iodine content, which provides good radiopacity. Also employed in the development of certain pharmaceuticals and in research related to thyroid hormone analogs because of structural similarity to iodothyronines. Its derivatization helps in improving biocompatibility and excretion profiles of imaging agents.