Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of certain estrogen receptor modulators and cardiovascular drugs. It serves as a building block in organic synthesis due to its rigid fused-ring structure, which helps in designing molecules with specific stereochemistry. Also employed in the development of fragrances and flavoring agents owing to its aromatic character and stability. Its derivatives are explored in research for potential bioactive compounds, including anti-inflammatory and neuroprotective agents.