Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) active compounds. Its structure supports the creation of chiral building blocks for drug candidates targeting neurological disorders. Commonly employed in research settings for the preparation of substituted indanones, which show potential in medicinal chemistry for their bioactivity and ability to cross the blood-brain barrier. Also utilized in the design of enzyme inhibitors and receptor modulators due to its rigid framework and functional group compatibility.