Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and related compounds. Its structure supports the construction of fused ring systems common in bioactive molecules. It is also employed in organic synthesis for building complex indane derivatives with potential activity in central nervous system agents and metabolic disease treatments. The ester functionality allows for further chemical modifications, making it valuable in medicinal chemistry research and drug discovery.