Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and selective COX-2 inhibitors. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building complex indene-based scaffolds. Commonly employed in coupling reactions to form bioactive molecules with analgesic and anti-inflammatory properties. Also utilized in research settings for the preparation of enzyme inhibitors and receptor modulators.