Used in organic synthesis as an intermediate for pharmaceuticals and radiopharmaceuticals. The iodine substituent allows for radioiodination, making it valuable in the development of imaging agents for positron emission tomography (PET) and single-photon emission computed tomography (SPECT). Also serves as a building block in the preparation of bioactive molecules and conjugated compounds for research in medicinal chemistry. Its carboxylic acid group enables coupling reactions, facilitating the attachment to peptides, proteins, or other scaffolds in drug design.