This chemical is primarily utilized in organic synthesis as a versatile building block for the creation of complex molecules. It is particularly valuable in the development of pharmaceuticals, where it serves as an intermediate in the synthesis of active pharmaceutical ingredients (APIs). Its structure allows for modifications that can lead to compounds with potential therapeutic properties. Additionally, it is employed in the preparation of functional materials, such as polymers and dyes, due to its ability to introduce specific functional groups into a molecular framework. Its iodine component makes it useful in radiolabeling applications, aiding in the study of biochemical pathways and drug distribution within biological systems.