Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its fused ring structure with a reactive ketone group makes it valuable in constructing complex heterocyclic compounds. It is also employed in organic synthesis to build polycyclic frameworks found in medicinal chemistry and materials science. The compound's ability to undergo functionalization at the carbonyl and adjacent positions allows for diverse derivatization, supporting research in drug discovery and development.