Yes, IODINE is a Scrabble word!

Letter values in Scrabble US: I 1, O 1, D 2, I 1, N 1, E 1.

Is it a valid word?

IODINE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a nonmetallic element belonging to the halogens; used especially in medicine and photography and in dyes; occurs naturally only in combination in small quantities (as in sea water or rocks)
a tincture consisting of a solution of iodine in ethyl alcohol; applied topically to wounds as an antiseptic

Also: i, atomic number 53, tincture of iodine.