Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its iodine functionality allows for cross-coupling reactions, such as Suzuki or Heck reactions, enabling the construction of complex aromatic compounds. The ester group can be hydrolyzed to yield carboxylic acids or reduced to alcohols, expanding its utility in synthetic pathways. Commonly employed in the development of bioactive molecules and medicinal agents where aryl-alkyl frameworks are required.