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 for further functionalization. Commonly employed in research settings for constructing indane-based scaffolds found in neuroactive drugs. Also utilized in the preparation of selective receptor modulators, including serotonin and dopamine receptor ligands. Its bromo and methoxy groups allow for selective cross-coupling reactions, making it valuable in medicinal chemistry for generating compound libraries during drug discovery.