Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents. It serves in the preparation of selective enzyme inhibitors and receptor modulators due to its structural similarity to bioactive indane derivatives. Its functional groups allow for easy modification in multi-step organic syntheses, making it valuable in medicinal chemistry for creating analogs with potential neuroprotective or anti-inflammatory properties. Also employed in research settings to explore new therapeutic pathways involving GABAergic or dopaminergic systems.