This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. Its structure, featuring an indane (2,3-dihydro-1H-indene) moiety linked to an acetic acid group, makes it a versatile building block for developing drugs with potential anti-inflammatory, analgesic, or cardiovascular properties. Researchers often explore its derivatives for their biological activity, particularly in targeting specific enzymes or receptors involved in disease pathways. Additionally, it may be employed in the development of novel compounds for treating conditions like hypertension or chronic pain, leveraging its unique chemical framework to enhance drug efficacy and selectivity.