Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system (CNS) agents. Its structure allows for selective modifications, making it valuable in creating analogs for neuroactive drugs. Commonly employed in research settings to build indanone-based scaffolds with potential anticonvulsant, antidepressant, or anti-inflammatory activity. Also utilized in medicinal chemistry for structure-activity relationship (SAR) studies due to the presence of reactive sites for cross-coupling and nucleophilic substitution reactions.