This chemical is primarily utilized in organic synthesis, particularly as a building block in the development of pharmaceuticals and agrochemicals. Its structure, featuring both chloro and iodo substituents, makes it a versatile intermediate for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in creating complex molecules. It is often employed in the synthesis of biologically active compounds, including potential drug candidates targeting various diseases. Additionally, its presence in research and development labs highlights its importance in exploring new chemical entities with potential therapeutic or agricultural applications.