This chemical is primarily utilized in organic synthesis as a versatile intermediate for the preparation of more complex compounds. Its structure, featuring an iodine atom, makes it a valuable substrate for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in pharmaceutical and material science research. Additionally, the presence of the phenyl and pyrazolone groups allows it to be used in the development of biologically active molecules, including potential drug candidates with anti-inflammatory or antimicrobial properties. Its application extends to the study of heterocyclic chemistry, where it serves as a building block for exploring new chemical reactions and pathways.