This chemical is primarily used in the synthesis of antiviral and anticancer nucleoside analogs. It serves as a key intermediate in the production of compounds like cladribine, which is effective in treating certain types of leukemia and multiple sclerosis. The acetylated ribofuranosyl group in the molecule enhances its stability and reactivity, making it suitable for further chemical modifications. Additionally, it is utilized in research laboratories to develop novel therapeutic agents targeting viral infections and cancer by mimicking natural nucleosides and interfering with DNA or RNA synthesis in diseased cells.