This compound is primarily utilized in the field of organic synthesis, where it serves as a versatile intermediate for the construction of more complex molecules. Its unique structure, featuring both chlorine and iodine substituents, makes it particularly valuable for cross-coupling reactions, such as Suzuki and Sonogashira couplings, which are essential in the development of pharmaceuticals and agrochemicals. Additionally, it is employed in the preparation of heterocyclic compounds, which are crucial in medicinal chemistry for designing drugs with specific biological activities. The presence of halogens also allows for further functionalization, enabling the creation of diverse chemical entities for research and industrial applications.