Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of fluorinated and iodinated organic compounds. Its structure allows for further functionalization in drug discovery processes, especially in creating analogs for bioactive molecules. Commonly employed in cross-coupling reactions due to the presence of iodine, enabling the formation of carbon-carbon bonds in complex molecule assembly. Also utilized in radiolabeling studies and imaging agents because of the iodine moiety, which can be replaced with radioactive isotopes for diagnostic applications.