This compound is primarily utilized in organic synthesis as an intermediate for the production of more complex chemical structures. It plays a significant role in the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs) that target various diseases. Its structure, featuring both hydroxyl and ester functional groups, makes it a versatile building block in medicinal chemistry. Additionally, it is employed in research and development for creating novel compounds with potential therapeutic applications, such as anti-inflammatory or antimicrobial agents. Its iodine moiety also allows for further functionalization, enabling chemists to tailor molecules for specific biological activities.