This chemical is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active compounds, particularly those targeting antiviral and anticancer therapies. Its structure allows for modifications that can enhance the efficacy and specificity of drug molecules. Additionally, it is employed in organic synthesis to create complex molecules for further study in medicinal chemistry. Its role in the development of nucleoside analogs is particularly noteworthy, as these analogs are crucial in the treatment of viral infections and certain types of cancer.