This chemical is primarily utilized in organic synthesis as a key intermediate for the development of various pharmaceutical compounds. Its structure is particularly valuable in the synthesis of indene derivatives, which are often explored for their potential biological activities, including anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it serves as a building block in the preparation of complex organic molecules, especially in the field of medicinal chemistry, where it aids in the creation of novel drug candidates. Its reactivity and functional groups make it a versatile component in multi-step synthetic processes.