EQRx Wants To Make Drugs Cheaper And More Widely Available
Currently, drug prices have consistently risen. This is primarily due to the fact that there is no restriction on how much a drug company can charge for its products. When there are similar drugs available to treat the same illness or condition, those drug prices seem to rise in tangent.
EQRx seeks to stop that lockstep increase in prices by producing generic drugs at scale that will allow it to sell the drugs at cheaper prices. Additionally, new technologies and development processes will allow for these generic drugs to be developed at a much lower cost than their competitors.
The startup aims to have its first drug approved in five years and ten drugs approved within the decade. Other similar initiatives are taking place elsewhere. Governor Gavin Newsom of California put forward a proposal that would allow the state to sell its own generic drugs.
"What we're proposing is really good business," Alexis Borisy, CEO of EQRx said. "I think at the scale of what we do with our products, we think we can build a highly profitable, high revenue, high growth business based on what we're doing."