Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its structure allows for modifications that can lead to the creation of potential drug candidates, particularly in the field of oncology and antiviral therapies. Additionally, it is utilized in organic synthesis to build complex heterocyclic compounds, which are essential in medicinal chemistry for designing new therapeutic agents. Its iodine moiety makes it a valuable precursor for further functionalization through cross-coupling reactions, enhancing its versatility in drug discovery processes.