Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) active agents. Its structure supports the creation of compounds with potential antidepressant, anxiolytic, and anticonvulsant properties. Commonly employed in medicinal chemistry for building indanone-based scaffolds that interact with neurological receptors. Also utilized in research settings to explore new bioactive molecules and structure-activity relationships in drug discovery programs.