Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents and anti-inflammatory compounds. Its structure allows for selective functionalization, making it valuable in medicinal chemistry for building complex indane-based scaffolds. Commonly employed in research settings to prepare analogs for biological screening, especially in studies targeting neurological disorders and pain management. Also utilized in agrochemical research for designing bioactive molecules with enhanced stability and activity.