This chemical is primarily utilized in the synthesis of various pharmaceutical compounds, particularly in the development of anticancer and antiviral drugs. Its structure allows it to act as a key intermediate in the production of nucleoside analogs, which are crucial for inhibiting the replication of cancer cells and viruses. Additionally, it is employed in research settings to study enzyme interactions and mechanisms, aiding in the discovery of new therapeutic agents. Its applications are also extended to the field of organic chemistry, where it serves as a building block for constructing complex molecules with potential biological activity.