This compound is primarily utilized in organic synthesis as a key intermediate for the development of complex molecules, particularly in pharmaceutical research. It serves as a building block for the synthesis of biologically active compounds, including potential drug candidates targeting various diseases. Its structure, featuring both an iodine substituent and a carboxylate ester group, makes it a versatile reagent for further functionalization through cross-coupling reactions, such as Suzuki or Sonogashira couplings, enabling the creation of diverse chemical libraries. Additionally, it is employed in the study of heterocyclic chemistry to explore novel reactions and mechanisms, contributing to advancements in medicinal chemistry and material science.