Used as a chiral building block in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents. Its rigid indane structure provides stereochemical control in asymmetric synthesis, making it valuable for creating enantiomerically pure compounds. Commonly employed in the preparation of nootropic drugs and enzyme inhibitors where stereochemistry influences biological activity. Also utilized in research settings for developing novel bioactive molecules and in medicinal chemistry for structure-activity relationship studies.