Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents. It plays a role in the preparation of selective serotonin reuptake inhibitors (SSRIs) and other neuroactive compounds due to its ability to form fluorinated indanone scaffolds. The presence of both hydroxyl and ketone functional groups allows for further chemical modifications, making it valuable in medicinal chemistry for building complex molecular structures. Also utilized in research settings for designing fluorinated analogs to improve metabolic stability and bioavailability in drug candidates.