Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system (CNS) agents. Its structure supports the creation of bioactive molecules due to the presence of reactive sites that allow for further functionalization. Commonly employed in research settings for constructing indanone-based derivatives with potential neuroprotective or cognitive-enhancing properties. Also utilized in medicinal chemistry for structure-activity relationship (SAR) studies, helping optimize drug candidates targeting neurological disorders.