Uncertainty is devastating – Satyam

Uncertainty with respect to the future of over 40,000 Satyam employees is devastating. There seems to be split at the top. Several senior level employees seem to be not cooperating with the new board and the interim CEO. Still, a lot of muck may be hidden by the so-called “loyal to Rajus” group of senior level employees.

There is no doubt that all the muck need to be cleaned so that the clients’ interest and shareholders confidence is restored back for the smooth transition of the company to any potential buyer. One of the important aspects missing seems to be the employees’ opinion on the present situation and the future. Whole-hearted cooperation from all the top and middle management level employees is important requirement for Satyam to see through this man-made crisis.

Drug from genetically altered animals

The US-FDA has approved the first drug produced by genetically engineered live-stock. The drug, meant to prevent fatal blood clots, is a protein extracted from the milk of goats that have been given a human gene. The drug is made by a company called GTC Biotherapeutics, which claims that one of its DNA-altered goats can produce as much antithrombin in a year as can be derived from 90,000 blood donations!

Use of the animals as drug factories is something not liked by animal rights activists. More major concern is the possible cross contamination of the food chain and cross- breeding of these animals with normal animals. Results may not be predictable.

It is high time to organize public debates on the ethical and medico-legal aspect of this type of research, and to establish national regulatory frameworks for providing guidelines for the research and to address the public concerns.

Medical insurance – time to reduce the premium

Medical Insurance is in good demand these days. Insure and feel secure is the “Mantra” of the lower middle class and middle class in India. The reasons for the rush is probably the health consequences of the recent terrorist activities and injuries resulting from riots by political organizations, and umpteen number of road accidents occurring in the cities like Mumbai. Health care costs have also gone up considerably. The premiums paid come under 80D of Income Tax Act, of Rs.15,000 for individuals and Rs.20,000 for senior citizens. One should note that all personal accident policies may not cover terror.

In view of the very significant increase in the demand for vide variety of insurance products, it is necessary that the regulators should ensure that the government and private players in the field do not exploit the consumers by framing conditions which impede fast or timely claims. In fact, the calculations of the amount of premiums payable should take into account the increased life expectancy and better health care facilities available today. There is scope to bring down the premiums, particularly for senior citizens and for elders with old age diseases such as diabetes and hypertension. Organizations such as LIC of India should take a lead in this matter. Profit making should not be the only criteria.

Question is: what type of health-care insurance coverage should be given to the urban and rural poor? The Indian Health Minister should concentrate on such primary and important issues rather than the secondary issues like prohibition and smoking.

Reliance Fresh – Disappointing

Some of the retail stores in Navi Mumbai - the much talked about retail chain Reliance Fresh seems to be disappointing in terms of offering fresh and cheaper vegetables and fruits to consumers. Take a particular store in Belapur, the store is managed by nobody! There seems to be no designated Manager to whom the customers can voice their suggestions/grievances. The quality of vegetable is not good. The store may be doing business because the residents of Sector 15 do not have any other choice. The dates of manufacturing of most of the items are quite old, at least more than a month. There are communication gaps everywhere between the staff members. The sales persons seems to be not much interested in business, and often seen around in other shops.

The Goli Counter (to sell vada pav & cutlets) started recently is being managed by a person who is really not interested in selling the Goli items. He is so slow and always “blank” faced. He doesn’t keep the timings written there. The items are in good demand. One has to wait, wait & wait. Like me, many are disappointed.