This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure, featuring both a hydroxyl group and an iodine atom, makes it particularly useful for further functionalization through various chemical reactions, such as cross-coupling or substitution reactions. Additionally, it finds application in the development of fluorescent dyes and probes due to its chromenone backbone, which can exhibit photoluminescent properties. Researchers also explore its potential in medicinal chemistry for designing novel therapeutic agents, leveraging its ability to interact with biological targets. Its iodine moiety further enables its use in radiolabeling studies for tracking and imaging purposes in biochemical research.