Used primarily in organic synthesis, it serves as a key intermediate in the production of pharmaceuticals and agrochemicals. Its iodine atoms make it a valuable building block for cross-coupling reactions, enabling the creation of complex molecules. It is also employed in the development of ligands for catalysis, particularly in processes involving transition metals. Additionally, it finds use in the synthesis of heterocyclic compounds, which are important in medicinal chemistry for drug discovery and development. Its unique structure allows for the introduction of iodine into target molecules, enhancing their reactivity and functionality.