Used primarily in organic synthesis as a building block for more complex molecules, this compound is valuable in the pharmaceutical industry for developing active pharmaceutical ingredients (APIs). Its trifluoro and iodophenyl groups make it a versatile intermediate in cross-coupling reactions, which are crucial for creating carbon-carbon bonds in drug discovery. It is also employed in the synthesis of fluorinated compounds, which are often sought after for their enhanced stability and bioavailability in medicinal chemistry. Additionally, it serves as a precursor in the preparation of materials for organic electronics due to its unique electronic properties.