A recently launched start-up, EQRx, launched itself with a humongous promise of coming up with innovative patented prescription medicines that would be at least as good as those in the market, but at a third of a cost of its rivals.

The start-up has a $200 million venture capital at its disposal. It believes that it can create medicines that cost two-thirds less than the competitors and still make profit.

There is no specification on the diseases that the start up plans to treat, although it is said that the focus would be on cancer, autoimmune disorders and not so rare genetic diseases like cystic fibrosis. The start-up is expected to aim at previously identified biological targets and take advantage of advances in computational approaches to drug development.