This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various bioactive molecules, particularly those targeting neurological and cardiovascular disorders. Its structure allows for further functionalization, making it valuable in the synthesis of complex heterocyclic compounds. Additionally, it is employed in the preparation of ligands for metal-catalyzed reactions, enhancing the efficiency of catalytic processes in industrial chemistry. Its iodine moiety also makes it useful in radiolabeling studies for tracking and imaging applications in medical research.