This compound is primarily utilized in pharmaceutical research and development as a versatile building block for the synthesis of complex molecules. Its structure allows it to serve as a key intermediate in the creation of biologically active compounds, particularly in the design of drugs targeting neurological disorders and cancer. The iodine atom in the molecule facilitates further functionalization through various coupling reactions, making it valuable in medicinal chemistry for constructing diverse drug candidates. Additionally, it is employed in the study of enzyme inhibition and receptor binding due to its ability to mimic certain biological structures. Its applications extend to the development of diagnostic agents and probes for biochemical studies.