Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of estrogen receptor modulators and steroid analogs. It serves as a building block in organic synthesis due to its fused ring structure, which provides a rigid framework for drug design. Also employed in the development of fine chemicals and specialty materials where polycyclic moieties are required. Its hydroxyl group allows for easy functionalization, making it valuable in creating derivatives for biological testing and medicinal chemistry research.