Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. Its structure allows for selective iodination, making it valuable in the development of iodine-containing drugs, particularly those targeting thyroid disorders. Additionally, it is employed in the synthesis of radiopharmaceuticals for diagnostic imaging, leveraging its iodine atoms for radioisotope labeling. The compound’s hydroxyl and amino groups also facilitate its use in the creation of complex molecules for medicinal chemistry research.