Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. It serves as a building block in the formation of heterocyclic compounds through cyclization reactions. Commonly employed in palladium-catalyzed cross-coupling reactions, such as Suzuki and Heck reactions, to construct carbon-carbon bonds. Its iodine functionality allows for selective transformations, making it valuable in the synthesis of complex molecules including bioactive agents and functional materials.