This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmacologically active molecules. Its structure, featuring both an indanone core and a dimethylaminoethyl group, makes it a versatile building block for developing compounds with potential central nervous system (CNS) activity. Researchers often explore its use in creating ligands for receptors involved in neurological disorders, such as depression, anxiety, and Alzheimer's disease. Additionally, its structural features are valuable in designing molecules with potential anti-inflammatory or analgesic properties. The compound's reactivity and functional groups allow for further chemical modifications, enabling the development of novel therapeutic agents.