This compound is primarily used in organic synthesis as a versatile building block for the development of more complex molecules. It is particularly valuable in pharmaceutical research, where it serves as an intermediate in the synthesis of active pharmaceutical ingredients (APIs). Its structure, featuring both an ester group and an iodine atom, makes it useful in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential for creating carbon-carbon bonds in drug discovery. Additionally, it is employed in the preparation of agrochemicals and specialty chemicals, where its reactivity facilitates the introduction of specific functional groups into target molecules. Its role in these applications underscores its importance in advancing chemical and material sciences.