Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. Its structure allows for selective modification in drug design, enhancing potency and binding affinity. Commonly employed in cross-coupling reactions, such as Suzuki or Buchwald-Hartwig, to introduce aryl or heteroaryl groups during the construction of bioactive molecules. Also utilized in research settings for labeling and tracer studies due to the presence of iodine, which can be replaced with radioactive isotopes for imaging applications.