This chemical is primarily utilized in organic synthesis as a key intermediate for the development of various pharmaceutical compounds. Its structure makes it valuable for constructing complex molecules, particularly in the synthesis of biologically active substances. It is often employed in the preparation of indene derivatives, which are explored for their potential therapeutic properties, including anti-inflammatory and anticancer activities. Additionally, it serves as a building block in the creation of novel heterocyclic compounds, which are studied for their applications in drug discovery and medicinal chemistry. Its reactivity allows for further functionalization, enabling researchers to tailor its properties for specific applications in the development of new drugs or agrochemicals.