Used as a reagent in organic synthesis, particularly in the formation of hypervalent iodine compounds. It serves as a precursor for generating iodonium salts, which are valuable in electrophilic aromatic substitution and C–H functionalization reactions. Its structure allows for the controlled release of iodo groups, making it useful in pharmaceutical and agrochemical synthesis where selective transformations are required. Also employed in the development of radiolabeled compounds due to the presence of iodine, aiding in imaging and tracer studies.