This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing complex molecules. It is particularly valuable in the pharmaceutical industry for the development of active pharmaceutical ingredients (APIs) due to its reactive iodo and ester functional groups. These groups allow for further functionalization through cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in creating biologically active compounds. Additionally, it serves as a key building block in the synthesis of agrochemicals, where its structural features contribute to the development of herbicides or pesticides. Its methoxy group also makes it useful in the synthesis of fine chemicals and specialty materials, where specific electronic or steric properties are required.