Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of anti-inflammatory and central nervous system agents. Its structure allows for selective cross-coupling reactions, making it valuable in constructing complex organic molecules. Commonly employed in palladium-catalyzed reactions such as Suzuki or Heck couplings to form biaryl systems. Also utilized in the preparation of trifluoromethyl-containing analogs in medicinal chemistry, where the CF3 group enhances metabolic stability and lipophilicity. Suitable for research in agrochemicals and functional materials due to its reactive iodine handle and ester functionality.