Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents and anti-inflammatory drugs. Its structure allows for selective modifications, making it valuable in medicinal chemistry for creating analogs with enhanced biological activity. Commonly employed in research settings to build more complex molecules through bromine-directed coupling reactions or hydroxyl group derivatization. Also utilized in the preparation of indanone-based scaffolds found in bioactive molecules and potential therapeutic candidates.