This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals. Its structure is particularly valuable in the development of anti-inflammatory and analgesic drugs, as it can be modified to create derivatives that target specific biological pathways. Additionally, it is used in research settings to study the mechanisms of enzyme inhibition and receptor binding, contributing to the discovery of new therapeutic agents. Its indene core also makes it a candidate for the synthesis of complex organic molecules in medicinal chemistry.