Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antithyroid agents and kinase inhibitors. Its structure supports the formation of biologically active molecules by enabling cross-coupling reactions, such as Suzuki or Heck reactions, to introduce aromatic or heteroaromatic moieties. Also employed in the preparation of radiolabeled compounds for imaging studies due to the presence of iodine. Additionally, it serves as a building block in agrochemicals for designing novel pesticides with improved efficacy.