This requires understanding complex waveforms in time and frequency and what "negative" and "positive" frequencies are. If that isn't clear, start with these other posts and then read on further below:
Frequency shifting of a quadrature mixed signal
Use of I/Q representation for unmodulated Rx Signal
The QPSK waveform at baseband is a complex time domain waveform, passing through the four complex locations given in a QPSK constellation at the correct sampling location within each symbol.
The expression given by the OP moves this complex QPSK baseband waveform as given by $I(t) + jQ(t)$ with $I(t)$ representing the real component and $jQ(t)$ representing the imaginary component, to a real carrier frequency as described with the following intermediary steps.
Frequency translate the complex baseband signal by multiplying it with a single positive frequency at carrier frequency $\omega_c$ as given by $e^{j\omega t}$:
$y(t) = (I(t) + jQ(t)) e^{j\omega_c t} \tag{1}\label{1}$
Note Euler's formula relating sinusoids with positive and negative frequency components:
$$\cos(\omega t) = \frac{1}{2}e^{j\omega t} + \frac{1}{2}e^{-j\omega t}$$
$$\sin(\omega t) = \frac{1}{2j}e^{j\omega t} - \frac{1}{2j}e^{-j\omega t}$$
From which we get the relationship for $e^{j\omega t}$:
$$e^{j\omega t} = \cos(\omega t) + j \sin(\omega t)$$
Substituting this into equation \ref{1} results in:
$y(t) = (I(t) + jQ(t)) (\cos(\omega_c t) + j \sin(\omega_c t)) \tag{2}\label{2}$
We must represent a baseband waveform as complex if it represents independent control of magnitude and phase for a real passband waveform. However once this baseband waveform is frequency translated to a passband, we can take the real part which maintains this magnitude and phase relationship versus time. That said, multiply out equation \ref{2} and take the real part to get:
$$Real\{y(t)\}=I(t)\cos(\omega_c(t)) - Q(t)\sin(\omega_c(t))$$