Used in organic synthesis as a chiral building block for pharmaceuticals, particularly in the development of central nervous system agents. It serves as an intermediate in the preparation of selective receptor modulators, including those targeting serotonin and dopamine receptors. Its amine functionality allows for easy derivatization, making it valuable in medicinal chemistry for structure-activity relationship studies. Also employed in asymmetric synthesis due to its rigid indane backbone, which can influence stereochemical outcomes in drug candidates.