This chemical is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the development of more complex molecules. Its structure, featuring both an iodine atom and a hydroxyl group, makes it particularly useful in cross-coupling reactions, which are essential for constructing carbon-carbon and carbon-heteroatom bonds in pharmaceuticals and agrochemicals. Additionally, the presence of the pyrazole ring offers potential for applications in medicinal chemistry, as this moiety is often found in compounds with biological activity. Researchers also explore its use in the synthesis of ligands for catalysis, owing to its ability to coordinate with metal centers. Overall, it plays a significant role in advancing synthetic methodologies and drug discovery efforts.