INSYS Therapeutics to The New York Times / May 2, 2018
- Our new management team takes the allegations of past wrongdoing by former employees with the greatest seriousness and has focused extensively on instilling the highest respect for fundamentally sound values among all of the company’s more than 300 current employees.
- As a result, INSYS Therapeutics has become a new and better company in many important respects across the organization.
- Our senior management team is comprised of responsible and ethical business leaders with more than a century of combined experience in pharmaceuticals, biotechnology and life sciences, from start-ups to Fortune 500 companies. The CEO, CFO and VPs of Commercial, Sales, Human Resources and Clinical Development are all new to the company since April 2017, as are half of the Board’s independent directors.
- Approximately 90 percent of the management team and the commercial organization, which includes the sales force, is new to the company since 2015. The vast majority of our more than 300 employees, which include physicians, researchers and scientists with advanced academic degrees, are new to the company since 2015, and more than a third of us have less than one year’s tenure with the company.
- We have upgraded the talent of our sales force with approximately 50 new hires over the last year, bringing additional experience with appropriate promotion of specialty pharmaceuticals to the company. We have also restructured and realigned our sales force, focusing its members on physicians in medical oncology and pain management whose prescribing patterns support our products’ approved indications.
- We are determined to take responsibility for the past and to learn from it, while at the same time sustaining our investment in R&D to the extent possible to continue advancing our product pipeline, which includes several drug candidates across two platforms: pharmaceutical cannabinoids and spray technology.
- Despite the understandable outrage about allegations of past wrongdoing by some former employees, INSYS Therapeutics has a promising future, with the potential to deliver new treatments for underserved patient populations and serious disease states, including refractory pediatric epilepsies and the rare genetic disorder Prader-Willi syndrome, as well as acute pain, anaphylaxis and opioid overdose.
- We have invested approximately $250 million in R&D over the last six years and plan to invest an additional $120 million in R&D over the next few years.
- We have also invested, and will continue to invest, significant resources to establish and maintain an effective compliance program and to build an organizational culture of high ethical standards with a firm commitment to operating the business with a strong focus on the best interests of patients.
- As we have indicated publicly and repeatedly, we continue to cooperate as appropriate with the D.O.J. investigation and remain cautiously optimistic about the prospect of resolving it.