Used as a key intermediate in the synthesis of steroidal and non-steroidal anti-inflammatory agents. It serves in the development of selective estrogen receptor modulators (SERMs) due to its structural similarity to naphthalene-based hormone analogs. Its iodine functionality allows for further cross-coupling reactions, making it valuable in medicinal chemistry for building complex bioactive molecules. Also employed in radiolabeling studies and as a precursor in the preparation of fluorescent probes for biochemical imaging.