This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing complex molecules. Its iodo and ester functional groups make it a valuable building block in cross-coupling reactions, such as Suzuki or Heck reactions, which are widely employed in pharmaceutical and agrochemical research. The methyl group enhances its stability and reactivity, making it suitable for selective modifications. Additionally, it can serve as a precursor in the development of fine chemicals, dyes, and advanced materials. Its applications extend to medicinal chemistry, where it is used to synthesize biologically active compounds with potential therapeutic properties.