Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of selective serotonin reuptake inhibitors (SSRIs) and other central nervous system agents. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building complex molecules. It is also employed in the preparation of chiral ligands and catalysts for asymmetric synthesis. Additionally, it serves as a building block in the creation of biologically active naphthalene derivatives with potential anti-inflammatory and neuroprotective properties.