This compound is primarily utilized in the development of pharmaceutical agents due to its structural properties, which make it a valuable intermediate in organic synthesis. It is often employed in the creation of bioactive molecules, particularly those targeting inflammatory and neurological disorders. Its indene core structure allows for modifications that can enhance drug efficacy and selectivity. Researchers also explore its potential in designing enzyme inhibitors, leveraging its ability to interact with specific biological targets. Additionally, it may be used in the study of structure-activity relationships (SAR) to optimize therapeutic compounds.