(hex:A6) is a glitch item in Pokémon Red and Blue.It is an unterminated name glitch item, hence provides the effects associated with those glitches and allows for glitches such as Yami Shop glitch and LOL glitch.
It is also a Rival's effect glitch item, hence allows for the player to clip through walls that are one tile thick after closing the Pokémon menu.
If a 0x50 sub-tile is early enough in the saved screen data, then this item will act as a healing item that restores 80 HP when used outside of battle. When it is used in battle and the same applies (via GameShark code 0150A0C3 or theoretically OAM DMA hijacking), it may bring up Professor Oak's message that it isn't the time to use the item.