This compound is primarily utilized in the synthesis of pharmaceutical agents, particularly in the development of antiviral and anticancer drugs. Its structure allows it to act as a key intermediate in the production of nucleoside analogs, which are crucial for inhibiting the replication of viruses and cancer cells. Additionally, it finds application in organic synthesis, where it serves as a building block for creating complex molecules with potential biological activity. Its versatility in chemical reactions makes it valuable in research and development for new therapeutic compounds.