This compound is primarily utilized in the synthesis of various pharmaceutical intermediates, particularly in the development of antiviral and anticancer agents. Its structure serves as a key building block for creating nucleoside analogs, which are crucial in designing drugs that inhibit viral replication or target cancer cells. Additionally, it finds application in organic synthesis as a versatile reagent for constructing complex heterocyclic compounds, which are often explored for their biological activities. Its role in medicinal chemistry highlights its importance in the discovery and development of therapeutic agents.