Used primarily as a key intermediate in the synthesis of fluorinated pharmaceuticals and agrochemicals. Its structure allows for selective functionalization in heterocyclic compounds, making it valuable in drug development, particularly in creating kinase inhibitors and antimicrobial agents. The presence of both fluorine and iodine enables cross-coupling reactions, facilitating the construction of complex molecules in medicinal chemistry research. It is also employed in the preparation of radiolabeled compounds for imaging studies due to the iodine moiety.