This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of nucleoside analogs, which are crucial for the development of antiviral and anticancer agents. Its unique structure allows for modifications that can enhance the efficacy and specificity of these therapeutic agents. Additionally, it is employed in biochemical research to study enzyme interactions and mechanisms, particularly those involving nucleoside processing enzymes. The compound's stability and reactivity make it a valuable tool in the design and optimization of new pharmaceuticals targeting various diseases.