This compound is primarily utilized in the field of organic synthesis as a versatile building block for the development of more complex chemical structures. It serves as a key intermediate in the synthesis of various pharmaceuticals, particularly in the creation of active pharmaceutical ingredients (APIs) that target specific biological pathways. Its unique structure, featuring both chloro and iodo substituents, allows for selective functionalization, making it valuable in cross-coupling reactions such as Suzuki or Sonogashira reactions. Additionally, it is employed in the preparation of agrochemicals, where it contributes to the development of compounds with potential pesticidal or herbicidal properties. Its role in medicinal chemistry also extends to the design of molecules for drug discovery, particularly in the optimization of drug candidates for improved efficacy and safety.