This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. Its structure, featuring both an amino group and a carboxylate ester, makes it a versatile building block in the synthesis of pharmaceuticals, particularly in the creation of compounds with potential biological activity. It is often employed in the preparation of indene derivatives, which are explored for their therapeutic properties, including anti-inflammatory, analgesic, and anticancer effects. Additionally, its reactivity allows for modifications that can lead to the development of novel chemical entities in medicinal chemistry research.