EFTA02634774.pdf

From: Richard Kahn Sent: Monday, April 8, 2019 11:36 AM To: Jeffrey Epstein Subject: Fwd: Apple, Inc.: Don't Underestimate Apple's Move into Healthcare HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York NY 10022 =egin forwarded message: From: "Morgan Stanley" a Date: April 8, 2019 at 1=:49:45 AM EDT To: < Subject: Apple, Inc.: Don't Und=restimate Apple's Move into Healthcare Reply-To: < <http://www.morganstanl=y.com/img/cs/spacer.gif> <http://www.morganstanle=.com/img/cs/spacer.gif> <http://www.morganstanl=y.com/img/cs/spacer.gif> <http://www.morganstan=ey.com/img/cs/spacer.gif> <http://www.morganstanl=y.com/img/cs/spacer.gif> <http://www.morganstanle=.com/img/cs/spacer.gif> <http://www.morganstanl=y.com/img/cs/spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> = = <http://www.morganstanley.com> <http://www.=organstanley.com/img/cs/spacer.gif> Apple= Inc.: Don't Underestimate Apple's Move into Healthcare <http://linkback.morganstanley.com/web/sendlinqwebapp/f/mpe9jej8-3qap-g000-8c95- 005056018300?store=l&d=UwBSZXNIYX=jaF9NUwASM2ViNzkyMi01N2FjLTExZTktOTUSMSliM0gyOGRmZDYwNzl%3D& user=63gz=ghjo8ob3-0&gda_=1806986984_b2eeed3a988ad5656d05492d63fab5c2> = = <http://www.=organstanley.com/img/cs/spacer.gif> <http://www.morganstanley.com/img/cs/spacer.gif> =/td> <http://www.=organstanley.com/img/cs/spacer.gif> &nb=p; Katy L Huberty= CFA — Morgan Stanley April 8, 2019 4:01 AM =GMT EFTA_R1_01859927 EFTA02634774 We think Ap=le is building a healthcare ecosystem and is poised to emerge as a leader i= consumer-centric healthcare. Collaborating with MS healthcare and tech tea=s, we assess its positioning and potential impact. The center of gravity is shifting in US healthcare. Historically, power and d=cision-making in healthcare have been concentrated among those who control m=ney flows, but we see evidence of change. Wearables, electronic medical rec=rds (EMR), and proposed regulations are enabling data to flow more freely between silos and stakeholders. On the regulatory front, the past two years h=ve seen a shift in the US Food and Drug Administration's stance toward eval=ating and approving digital health tools, with the new regulatory framework=proposed in January 2019 more open to digital innovation. Meanwhile, the ad=inistration is proposing new rules that would provide consumers access to a=l their medical data, with the goal of democratizing patients access to he=lth data. And as the burden of healthcare costs increases with rising deduc=ibles, the patient is becoming a consumer. Healthcare is a large, greenfiel= services opportunity for Apple. The central investor debate on the stock i= whether Apple can better monetize its 1.4 billion— device installed=base in an increasingly crowded mobile services market. Healthcare is both l=rge — $3.5 trillion addressable US market — and nascent in i=s digital transformation. So, unlike recent announcements on news, gaming, v=deo, and payments, where Apple is joining existing competitors, healthcare i= a market where Apple has the potential to lead digital disruption —=much like what iTunes did for music or the App Store for mobile services.Th= company's healthcare strategy appears to aim for an ecosystem that=puts the consumer at the center. Based on what it has done over the last f=ve years, we see Apple creating the building blocks of another ecosystem li=e the App Store. The 2013 Wellness Registry patent evolved into Heal This alert i= sent from: And=ew Atlas, Andrew.Atlas@morganstanley.com=/a> =You received this because you requested that you receive content and report= from: APPLE INC. =Please contact your FA if you want to unsubscribe from the alerts. <http://www.=organstanley.com/img/cs/spacer.gif> <http://www.=organstanley.com/img/cs/spacer.gif> <http://www.=organstanley.com/img/cs/spacer.gif> chttp://www.=organstanley.com/img/cs/spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstan=ey.com/img/cs/spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/csespacer.gif> Disclosures: Please see the full report for risks, disclosures and other important information. Important disclo=ures regarding the relationship between the companies that are r=ferenced in Morgan Stanley research and Morgan Stanley Wealth Manage=ent research are available on the Morgan Stanley Wealth Managem=nt disclosure website at https://www.morganstanley.com/online/researchdisclosures <https://www.morganstanley.com/online/researchdis=losures> . 2 EFTA_R1_01859928 EFTA02634775 Morgan Stanley Wealth Management Not Acting as Municipal Ad=isor Morgan Stanley Wealth Management is not acting as a municip=l advisor to any municipal entity or obligated person within the mean=ng of Section 15B of the Securities Exchange Act (the "Municipal A=visor Rule") and the opinions or views contained herein are not i=tended to be, and do not constitute, advice within the meaning of the=Municipal Advisor Rule. Copyright The copyright in materials provided by Morgan Stanley is owned by Morgan Sta=ley & Co. LLC. Morgan Stanley Wealth Management is the trade name of M=rgan Stanley Smith Barney LLC, a registered broker-dealer in the=United States. &=bsp; © 2019 Morgan Stanley Smith Barney 11=. Member SIPC. <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> chttp://www.morganstanley.com/imets=spacer.gif> chttp://www.morganstanley.com/imets=spacer.gif> chttp://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> <http://www.morganstanley.com/img/cs=spacer.gif> 3 EFTA_R1_01859929 EFTA02634776