This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and bioactive compounds. Its structure, featuring both a carbamate and a hydroxyl group, makes it a versatile building block for constructing complex molecules. It is often employed in the development of drugs targeting neurological disorders, as the indane moiety is a common scaffold in central nervous system (CNS) active agents. Additionally, its tert-butyl group provides steric protection, enhancing selectivity in chemical reactions. This compound is also explored in the synthesis of protease inhibitors and other therapeutic agents due to its ability to mimic peptide bonds and interact with biological targets. Its applications extend to material science, where it can be used to modify polymers or create specialized coatings with specific properties.