This compound is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the preparation of various biologically active molecules, particularly in the development of nucleoside analogs. These analogs are crucial in antiviral and anticancer drug discovery, as they can interfere with the replication of DNA or RNA in pathogens or cancer cells. Additionally, it is employed in the synthesis of modified nucleic acids, which are valuable tools in biochemical studies and diagnostics. Its iodine moiety also makes it a useful building block for further functionalization through cross-coupling reactions, enabling the creation of complex molecular structures.