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 functionalization, making it valuable in medicinal chemistry for building complex indane-based molecules. Commonly employed in cross-coupling reactions such as Suzuki or Heck reactions to form carbon-carbon bonds in drug discovery pathways. Also utilized in the preparation of bioactive molecules targeting neurological disorders due to its ability to penetrate the blood-brain barrier.