Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of certain vasodilators and cardiovascular drugs. It plays an important role in organic synthesis due to its reactive indanone structure, which allows for functionalization in multi-step reactions. Also utilized in research settings for developing compounds with potential neuroprotective or anti-inflammatory properties. Its methoxy and hydroxy substituents make it suitable for coupling reactions and heterocycle formation in medicinal chemistry.