Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of certain antihypertensive drugs and serotonin receptor modulators. It serves as a building block in organic reactions where aldehyde functionality allows for condensation or reduction to form more complex structures. Its rigid indane backbone contributes to the desired stereochemistry and stability in final active compounds. Also employed in the development of fragrances and specialty chemicals due to its aromatic character and reactivity.