Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of drugs targeting central nervous system disorders. It serves as a chiral building block in asymmetric synthesis, enabling the production of enantiomerically pure compounds. Also employed in the preparation of fragrances and flavoring agents due to its cyclic structure and functional group compatibility. Its rigid indane backbone makes it valuable in medicinal chemistry for enhancing metabolic stability and binding affinity in drug candidates.