Used as a key intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs), particularly in the production of mefenamic acid and related fenamate derivatives. Its structure allows for sequential functionalization, making it valuable in pharmaceutical research for developing analgesic and antipyretic agents. The iodine substituent enables further coupling reactions, such as in palladium-catalyzed cross-couplings, useful in medicinal chemistry for building complex drug molecules. Also employed in the preparation of radiolabeled compounds for imaging studies due to the presence of iodine.