Used as a key intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of bioactive molecules where the iodine substituent allows for further functionalization via cross-coupling reactions such as Suzuki or Heck couplings. Its ester group enables easy transformation into carboxylic acids or amides, making it valuable in medicinal chemistry for building complex aromatic structures. Commonly employed in research settings to design compounds with targeted biological activity, including potential kinase inhibitors and anti-inflammatory agents.