Used as an intermediate in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. It serves as a building block in the development of active pharmaceutical ingredients due to its reactive ketone group and rigid indanone structure. Commonly employed in the synthesis of psychoactive substances, especially in research related to substituted cathinones, though it also has legitimate applications in medicinal chemistry for drug discovery. Its structure allows for functionalization at multiple sites, making it valuable in creating diverse compound libraries for biological screening.