Apple will disrupt the health sector as the iPhone did wireless, former CEO John Sculley says


Apple AAPL CEO Tim Cook's vision for health-care services has gotten a stamp of approval from a past chief of the tech giant.

John Sculley, who helmed the company from 1983 to 1993, told CNBC on Thursday that Cook is "absolutely onto something" with his plans to inject Apple into the health-care space and that "it may well be the great legacy that he's talking about."

In an exclusive interview earlier this week, Cook told Mad Money 's Jim Cramer that "Apple's greatest contribution to mankind" will be in health services , an area that the company has been increasingly focused on in recent years .

"I believe … [it will] go from curiosity to useful to indispensable," Sculley said on "Squawk Alley." "And indispensable means it's got to do things that are significantly more capable in terms of health and preventative care than what we have today - with wearable devices or things [that] enable people to do more self-diagnosis, where the consumer can have a bigger role, just as they have in other industries."

Recalling how Apple's iconic former chief Steve Jobs upturned both the wireless and photography industries a dozen years ago with the iPhone, Sculley says, "We're going to see something similar in health."

Sculley, who the late co-founder Jobs lured from PepsiCo PEP to Apple, pointed out that the first and later iPhone generations gradually took market share from Blackberry, Nokia and Motorola cell phones and revolutionized photography, eventually leading to Kodak's bankruptcy in 2012.

While Apple's stock has suffered lately from a string of news that has disturbed investor confidence, Sculley said the public does not always get a glimpse at the "big" plans that a company's officers are discussing behind closed doors. Apple and other tech names, such as Amazon AMZN and Alphabet GOOGL subsidiary Google, are "at the very beginning of the indispensable role of health tech," particularly with wearable devices.

"We're about to move into an era where sensors … [and] algorithms are getting more powerful. Technology and health care is moving from a vertically siloed, highly inefficient industry," he said. "The big health-care players want to move to platforms, they want it to be a horizontal model, just like we've seen successfully in retailing and in fintech and others."

Apple's stock is still in bear market territory after a series of staggering falls brought it down more than 30 percent from a 52-week high of $233.47 in October. Shares most recently tanked about 7 percent after the company lowered its guidance on the first trading day of 2019.

The equity has since rebounded from that fall, trading midday Thursday at about $152.


More Related News

Apple buys self-driving car startup
Apple buys self-driving car startup

Technology news website The Information reported earlier this month that the iPhone maker was considering acquiring the firm as a move to bring aboard some of its engineering talent to boost Apple's own self-driving efforts. One of hundreds of startups pursuing autonomous vehicles, had been running a small fleet of test shuttles in Texas, The Information reported. Apple is vying against rivals such as Alphabet Inc's Waymo to develop self-driving vehicles.

Apple reportedly canceled quantum dot camera technology for the iPhone 11
Apple reportedly canceled quantum dot camera technology for the iPhone 11

The iPhones arriving this September will feature more cameras than ever, according to various leaks from the past few months. Apple is said to be bringing triple-lens cameras to the iPhone 11 and iPhone 11 Max, while the iPhone XR successor will get a dual-lens shooter. Apple will likely bake a bunch of extra camera features into iOS 13 to take advantage of the additional lens, but these have yet to leak.A new story from the UK, meanwhile, does mention a camera feature that Apple has abandoned because of costs.Apple is believed to be the major Nanoco client that canceled a multi-million dollar deal, per The Telegraph, which crashed its stock by 74%. If this kind of stock behavior sounds...

Disney poaches Netflix film-making chief for streaming service: Deadline
Disney poaches Netflix film-making chief for streaming service: Deadline
  • US
  • 2019-06-25 19:58:58Z

Brodlie will join Disney+ as senior vice president of international content development, the report said. For years, Netflix has been luring away high-profile executives from rivals and was earlier sued by Twentieth Century Fox Film Corp for poaching employees. Walt Disney and Netflix did not immediately respond to a Reuters request for comment.

Leaked hi-res images give us our best look yet at Apple
Leaked hi-res images give us our best look yet at Apple's iPhone 11

There will be several high-profile flagship smartphone launches between now and early September, but Apple's upcoming new iPhone 11 is already stealing the spotlight. We've got the Galaxy Fold, the Galaxy Note 10, and several big launches coming up in China. In fact, the world's first smartphone with a hidden under-display selfie camera could be announced as soon as tomorrow. Still, all eyes are already on Apple's unreleased iPhone 11, iPhone 11 Max, and iPhone 11R (or whatever Apple ends up calling them), the designs of which have been revealed in a series of leaks from numerous reliable sources.In much the same way that the iPhone 7 was really the "iPhone 6ss" since it used...

3 Warren Buffett Stocks Worth Buying Now
3 Warren Buffett Stocks Worth Buying Now

The Oracle of Omaha owns these stocks. Maybe you should, too.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Economy

Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.