Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of certain antidepressants and psychoactive substances. It plays a role in the preparation of indole and indane derivatives, which are structural motifs in various bioactive molecules. Also utilized in research settings for developing novel organic compounds and in the study of reaction mechanisms involving ketones and electrophilic substitution. Its reactivity makes it valuable in forming carbon-carbon bonds through alkylation and condensation reactions.