This compound is primarily utilized in organic synthesis as a versatile building block for the preparation of various pharmaceuticals and agrochemicals. It serves as an intermediate in the synthesis of heterocyclic compounds, which are often key components in drug development. Additionally, it is employed in cross-coupling reactions, such as the Heck reaction, to create complex organic molecules. Its iodine atom makes it a valuable reagent for introducing the phenylacetamide moiety into target molecules, aiding in the development of compounds with potential biological activity.