This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of chiral molecules. It serves as a key intermediate in the production of active pharmaceutical ingredients (APIs) that target neurological and psychiatric disorders. Its chiral nature makes it valuable for creating enantiomerically pure drugs, which can enhance efficacy and reduce side effects. Additionally, it is employed in organic synthesis for constructing complex indane-based structures, which are prevalent in various biologically active compounds. Its applications also extend to the development of potential therapeutic agents for conditions like depression, anxiety, and neurodegenerative diseases.