This chemical is primarily utilized in organic synthesis as a building block for more complex molecules. It serves as an intermediate in the production of pharmaceuticals, particularly in the development of compounds with potential therapeutic properties. The presence of the iodine atom makes it a valuable precursor for further functionalization through various chemical reactions, such as cross-coupling reactions. Additionally, its hydroxyl groups allow for modifications that can enhance the biological activity or solubility of the resulting compounds. It is also employed in research settings for studying chemical reactions and mechanisms involving halogenated aromatic compounds.