Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of fluorinated organic compounds. Its iodine and methoxy functional groups allow for selective cross-coupling reactions, making it valuable in building complex molecules. Commonly employed in medicinal chemistry for creating analogs with enhanced metabolic stability and bioavailability. Also utilized in research settings for labeling and tracer studies due to the presence of halogen atoms that facilitate detection and binding analysis.