Used primarily in organic synthesis as a building block for creating more complex chemical compounds. It serves as a key intermediate in the production of pharmaceuticals, particularly in the development of drugs targeting thyroid disorders due to its structural similarity to thyroid hormones. Additionally, it is employed in the synthesis of dyes and pigments, where its hydroxyl and thiourea groups contribute to color formation and stability. In research, it is utilized to study enzyme inhibition and as a reagent in biochemical assays. Its properties also make it useful in the preparation of polymers and materials with specific functionalities.