This chemical is primarily utilized in the synthesis of nucleoside analogs, which are crucial in the development of antiviral and anticancer drugs. Its structure allows it to act as a key intermediate in modifying ribose sugars, enhancing the stability and efficacy of the resulting compounds. It is particularly valuable in research focused on creating targeted therapies for diseases like hepatitis C and certain types of cancer. Additionally, its derivatives are explored for their potential in inhibiting viral replication by interfering with RNA synthesis. Its application is significant in medicinal chemistry, where precise modifications to sugar moieties can lead to breakthroughs in drug design.