Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and bioactive molecules. Its structure, featuring both a hydroxyl group and an iodine atom, makes it valuable for constructing complex molecules through selective chemical reactions. It is often employed in the development of iodine-containing drugs, which are utilized in medical imaging and therapeutic applications. Additionally, it plays a role in the synthesis of nicotinic acid derivatives, which are important in the production of vitamins and other nutritional supplements. Its unique properties also make it useful in research settings for studying reaction mechanisms and developing new synthetic methodologies.