Platinum-based drugs are a class of chemotherapy drugs derived from the element platinum that are used to treat advanced cancers like colon, lung, and ovarian cancer. They work by binding to DNA or RNA. Cisplatin is the most commonly used but has significant side effects, while carboplatin and oxaliplatin have reduced side effects but different drawbacks. Platinum-based drugs can significantly increase cure rates for cancers like colon cancer but their use is limited by side effects.