Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) for central nervous system (CNS) disorders. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building complex indane-based scaffolds. Commonly employed in the preparation of selective receptor modulators, including those targeting serotonin and dopamine receptors. Also utilized in agrochemical research for designing bioactive molecules with improved stability and binding affinity. Its nitrile group facilitates further transformation into carboxylic acids, amides, or tetrazoles, expanding its utility in drug discovery and development.