Used primarily in organic synthesis, this compound serves as a versatile intermediate in the production of more complex molecules. It is particularly valuable in the development of pharmaceuticals, where it can be incorporated into drug candidates to enhance their biological activity or stability. Additionally, it finds application in materials science, aiding in the creation of specialized polymers or coatings with unique properties. Its iodine moiety makes it useful in coupling reactions, enabling the formation of carbon-carbon or carbon-heteroatom bonds, which are essential in constructing diverse chemical structures.