This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of nucleoside analogs, which are crucial for creating antiviral and anticancer drugs. The structure of this compound allows it to mimic natural nucleosides, enabling it to interfere with the replication processes of viruses or cancer cells. Researchers often modify its functional groups to enhance its therapeutic efficacy and reduce potential side effects. Additionally, it is used in biochemical studies to understand the mechanisms of enzyme inhibition and nucleotide metabolism, providing insights that can lead to the development of more effective treatments.