Used primarily as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents. It serves as a building block for compounds with potential antidepressant, anxiolytic, and antipsychotic activities. Its structure allows for selective modification, making it valuable in medicinal chemistry for creating analogs that target specific neurotransmitter receptors. Additionally, it is employed in research settings to explore structure-activity relationships in indane-based drug candidates.