Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals, particularly in the development of fluorinated and iodinated aromatic compounds. Its structure allows for selective functionalization in cross-coupling reactions, making it valuable in medicinal chemistry for building complex molecules. Commonly employed in Suzuki and Heck reactions to introduce the benzoic acid framework into larger bioactive structures. Also utilized in radiolabeling studies and the preparation of imaging agents due to the presence of iodine, which can be substituted with radioactive isotopes.