Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of central nervous system (CNS) active compounds. Its structure supports the creation of selective receptor modulators, including those targeting serotonin and dopamine pathways. Commonly employed in medicinal chemistry for constructing bioactive molecules due to the stability and conformational properties of the indane scaffold. Also utilized in the preparation of fluorinated analogs to enhance metabolic stability and blood-brain barrier penetration in drug candidates.