Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its functional groups—iodine and acetate—allow for selective reactions, such as nucleophilic substitutions or deprotection steps, making it valuable in multi-step synthesis. Commonly employed in the development of active pharmaceutical ingredients (APIs) where controlled reactivity and solubility are required. Also utilized in the production of specialty monomers and functionalized polymers due to its ability to participate in polymerization reactions.