This compound is primarily utilized in the synthesis of nucleoside analogs, which are critical in the development of antiviral and anticancer drugs. Its structure allows for modifications that can enhance the therapeutic efficacy and specificity of these drugs. It serves as an intermediate in the production of active pharmaceutical ingredients (APIs) that target viral replication mechanisms, particularly in diseases like hepatitis and HIV. Additionally, its role in research and development is significant, as it helps in studying the biochemical pathways and interactions of nucleosides within cellular processes.