There isn’t a day which goes by now where you don’t read or hear about another financial crisis in the news somewhere around the globe. It doesn’t take a financial expert to work out that the world is broke. Greece can’t afford to pay for anything, Americans still can’t afford to pay for healthcare and the UK no longer wants to pay for those living at home on benefits – amongst other things.

So, is there any real point going to your boss and asking for a rise in your salary? Is it worth being laughed out of the office? Money is a delicate issue at the moment – probably because nobody has any. Although, that’s not entirely true. Banks are still posting billion pound profits – as are pharmaceutical companies. The last few weeks has seen a raft of pharma’s biggest players release their financial results for last year. To the best of my knowledge, not one of them made a loss in 2011.

Although the gains may not have been enough to satisfy greedy shareholders, the pharmaceutical industry is alive and kicking. Billion pound profits may not immediately drop their way down to those working within the field, but it does show that the pot isn’t empty just yet.

I recently attended a meeting of UK sales managers. While discussing Pf’s Company Perception, Motivation and Satisfaction Survey, I was told this temperature check of the industry had been used to convince those with the purse strings that they were worthy of a pay rise. After using last year’s survey data they found they were being paid less than the industry average for their role.

No company wants to lose experienced, skilled staff – especially egotistical pharmaceutical companies trying to save a few quid. Unlike other surveys where thousands or pounds can be won or a new mini will be sent out in the post first thing Monday morning, Pf’s survey actually helps those working within the industry. Results are used both by pharma companies to ensure they’re not being left behind by rivals in the industry, and by skilled staff to ensure they’re not being taken advantage of.

It takes only ten minutes of your time. Just think, this time next year, you could’ve benefitted by taking time out of your day. Complete the survey here. For every completed form, HSP, the publishers of Pharmaceutical Field, will make a donation to Birmingham-based charity, Home from Hospital Care.

Four former sales representatives of LEO Pharma have filed a class action complaint in New York claiming the company denied them overtime and other wage and hour practices.

The suit details how LEO allegedly violated the US Fair Labor Standards Act (FLSA) and state overtime laws in New York, California and Washington after reps failed to receive overtime pay and other work-related benefits.

Deborah Marcuse, representing the four plaintiffs, said the “egregious practices” of LEO had allowed it to “enrich its bottom line at the expense of the economic wellbeing of its sales force”.

The lawsuit follows a similar case against Novartis a few weeks ago where it was ordered to pay $99million. GSK are also facing similar allegations when a case goes to the United States Supreme Court in April.

Each of the plaintiffs is seeking to represent all sales representatives at LEO Pharma in the federal collective action under the FLSA. Three of the plaintiffs are also seeking to represent class members under the state laws of California, Washington and New York.

The plaintiffs seek to represent everybody who works, or has worked, as a full-time sales representative for Danish-based LEO for at least one day in any US state or territory between February 7 2009 and the present day.

According to the complaint, LEO wrongfully classifies its non-exempt sales reps as salaried exempt employees and, as a result, does not pay overtime to these staff, even though they regularly perform non-exempt duties on the behalf of the company.

Jeremy Heisler, who is also representing the quartet, said LEO knew it was breaching the FLSA by not paying overtime to its staff. “LEO Pharma has not made a good faith effort to comply with Fair Labor Standards Act or with the comparable state laws that protect workers’ rights,” he said. “In today’s depressed economic climate, this is not only illegal, but unconscionable.”

Global pharma giant AstraZeneca (AZ) its setting up a new ‘virtual’ neuroscience R&D unit within its Innovative Medicines division to seek effective therapies for diseases such as Alzheimer’s and Parkinson’s through ‘open innovation’.

The new unit, based in Boston, US, and Cambridge, UK, will consist of 40–50 AZ scientists working with an external network of academic and industry partners.

Neuroscientist Dr Mike Poole, who has extensive experience in pharmaceutical R&D, has been appointed to lead the unit.

This initiative is part of a major AZ restructure that will see 2,200 R&D jobs axed, with the company hoping to “pioneer a new approach to neuroscience drug discovery and development” – which it says has “proved elusive” in the past.

AZ’s strategy reflects the growing industry trend towards the ‘open innovation’ model, whereby a company broadens its expertise by collaborating with the wider research community.

Dr Pool joins AZ from US neuroscience research company Link Medicine. He has held senior research posts at Wyeth and Pfizer, as well as being Chief Medical Officer at biotech company Hypnion.

Dr Menelas Pangalos, Executive VP of AZ’s Innovative Medicines division, said: “AstraZeneca is deeply committed to neuroscience research and the discovery and development of new treatments for a full range of neurological diseases including Alzheimer’s, neuropathic pain, depression and Parkinson’s.

“While many companies have exited or scaled back efforts in this high-risk area, we will step up the search for new medicines to help people with neurological and psychiatric diseases. We are confident this new approach will enable us to tap the most exciting science and discoveries that exist in labs around the world.”

For AZ, the new ‘virtual’ R&D unit will replace existing neuroscience R&D teams at Montreal, Canada and Södertälje, Sweden. The Montreal site will close, but the Södertälje site will retain its manufacturing and commercial functions.

Lundbeck has decided to split its European market into two different regions: east and west.

The move follows the company’s planned future launch of new products which it hopes will build on the “foundation” of its business.

Marie-Laure Pochon, Executive Vice President for Commercial Operations, says the decision to divide its activities in the region has been made to “consolidate and strengthen our European organisation”.

The reorganisation will see João Rocha (pictured above) appointed as Regional Vice President for Region West to ead the commercial operations in the majority of Western European countries. Michael Quiqueran-Beaujeu (pictured below) will lead the company’s activities in Eastern Europe, as well as Turkey and Russia.

“With our new structure and the appointment of João Rocha and Michael Quiqueran-Beaujeu, who both bring with them many years of experience and impressive results, I am convinced that we have a set-up that gives us the optimal conditions for success in developing and expanding the Lundbeck business,” said Marie-Laure Pochon.

Mr Rocha takes on his new role after serving as the pharmaceutical company’s manager in Brazil and as Regional Vice President for Latin America. During his time working within the region, he has achieved impressive results, helping turn the antidepressant Lexapro into Brazil’s eighth best-selling drug.

Mr Quiqueran-Beaujeu joins Lundbeck from Genzyme, where he served as Senior Vice President and General Manager for Northern Europe. During his time at Genzyme, he helped the biotech company increase sales by 400% in less than four years.

Oxford BioMedica, a leading gene-based biopharmaceutical company, has appointed Tim Watts to its Board as Chief Financial Officer and Company Secretary.

The appointment follows the resignation of Andrew Wood as CFO. He will continue as an employee of the company for the immediate future to ensure a successful transition.

Tim Watts has over 30 years’ experience as a financial executive, and has worked within the pharma industry for the last 21 years. His areas of expertise include managing corporate transactions, M&A activity, fundraising and strategic implementation.

With a background in accountancy, Watts joined the pharmaceuticals division of ICI in 1990 and rose to become Finance Director of Zeneca Pharmaceuticals. Following the company’s merger with Astra, he became Group Financial Controller of AstraZeneca in 2001 before leaving to become CFO of Archimedes Pharma.

John Dawson, CEO of Oxford BioMedica, said: “We thank Andrew for his substantial contribution to Oxford BioMedica since its IPO in 1996. His commitment to the Company has been invaluable. I would like to welcome Tim to the executive management team and am confident that his expertise will support Oxford BioMedica’s strategy to secure corporate and commercial success.”

Oxford BioMedica develops gene-based medicines and therapeutic vaccines aimed at addressing serious unmet medical needs. The company’s current partners and licensees include Sanofi, Pfizer, GSK and Biogen Idec.