This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of pharmaceutical agents. Its structure is particularly valuable in the development of drugs targeting neurological and cardiovascular disorders. The indane moiety in the molecule provides a rigid framework that enhances binding affinity to specific biological targets, making it useful in the design of enzyme inhibitors or receptor modulators. Additionally, it may be employed in research to study the structure-activity relationships of compounds with similar scaffolds, aiding in the discovery of novel therapeutics. Its application extends to the production of chiral compounds, where its stereochemistry is leveraged to create enantiomerically pure substances for more effective and selective drug formulations.