Used primarily 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. It is also employed in research settings to explore new pathways in organic synthesis, especially in forming chiral amines for bioactive molecules. Its bromine functionality enables cross-coupling reactions, facilitating the construction of complex indane-based scaffolds found in potential therapeutic agents.