Third smallest market in the Asia Pacific (APAC) region. Per capita spending is one of the lowest in the world. Market will record double-digit growth over the next five years in local currency terms. Other medical devices and consumables have the largest market shares. The market is heavily reliant on imports. Domestic manufacturing is concentrated in Sialkot and centres mainly around steel surgical instruments and other hand held medical devices. Production is of a high quality but mostly destined for export.

Slovakia is one of the foremost Central and Eastern European (CEE) markets for innovative pharmaceutical firms seeking to expand their European revenues outside of the traditional Western Europe markets. Alongside its neighbouring countries, namely the Czech Republic, Hungary and Poland (making up the Visegrad Four), Slovakia has one of the most robust regulatory environments in the region. On the other hand, the country's small size limits the absolute size of the market. In 2017, 2.15% of the country's GDP was spent on pharmaceuticals, as combined sales of prescription drugs and OTC medicines - sold through pharmacies and hospitals at consumer prices - reached EUR1.83bn (USD2.06bn). For a Central and Eastern European country, per capita drug expenditure in Slovakia is high at USD379 in 2017, equivalent to some Western European markets and significantly higher than in some of its larger neighbours. The penetration of patented drugs in Slovakia is low compared with Western Europe. We calculate that in value terms, patented medicines represented 45.2% of the total drug market in 2017, although this remains substantially higher than the markets of the south-east and Eastern European states. Valued at EUR819mn (USD926mn), generic drugs represented 44.9% of the market, although government policies are likely to encourage growth in volumes. In the same year, OTC medicines accounted for just 9.9% of the market, at EUR181mn (USD205mn).

Singapore's Energy Market Authority manages the oil and gas sector and regulates the domestic electricity and natural gas industries. The city-state's sophisticated downstream sector, strategic location, extensive infrastructure and low-risk operating environment allow it to flourish as a regional refining and petrochemicals hub. State-owned Pavilion Energy is responsible for the marketing, distribution and storage of natural gas in Singapore, including small-scale LNG and LNG bunkering.

Despite its small population, Slovenia is one of the most advanced pharmaceutical markets in Central and Eastern Europe, with the industry accounting for a major source of the country's GDP and poised for rapid growth. The main reasons for this are the relative wealth of the country, a long tradition of pharmaceutical manufacturing and a high level of connection with the EU and Western Europe in general. In 2017, the Slovenian drug market was valued at EUR755mn (USD853mn). Generic drugs, mostly of the sophisticated branded variety, and priced at up to 80% of the original product, represented a calculated 34% of the total market by value in 2017. The percentage share of patented drugs, which stood at 56% of total drug sales in 2017, is likely to fall modestly over the forecast period, largely due to the regulatory bias against patented drugs and patented expirations despite the continued high price of generic drugs. In the meantime, the need for cost containment in the public healthcare sphere will lead to higher volumes of generic medicines and has included a drive to reduce their prices. In 2017, pharmaceutical sales accounted for 1.7% of GDP and 21% of total health spending.

One of the largest markets in the Middle East & Africa (MEA) region, similar in size to Iran. Market size is supported by a large population and Africa's most industrialised economy. Owing to the size of the population, per capita spending is low. Spending on medical devices as a proportion of wealth is below average for the MEA region. Other medical devices accounts for nearly 40% of the total market. Underdeveloped market offers considerable potential for growth but currently constrained by funding issues, poor infrastructure and staff shortages. National Health Insurance programme in the early stages of implementation, but question marks remain on funding and delivery of key targets. Limited medical device production, therefore market largely dependent on imports.

Under the Energy Administration Act, the state takes a leading role in research and development for the energy sector, which the Ministry of Economic Affairs may set-up a special fund to finance. Funding will come from royalties and taxes collected from the country's oil and gas businesses. Firms operating in Taiwan are to submit operation data to the Ministry. The Energy Administration Act incentivises firms to invest in energy storage facilities; these firms are entitled to a two-year accelerated depreciation of their assets, thereby lowering their taxable profits.

Thailand is also one of the largest producers of processed foods in the world. Thailand's food processing sector is made up of mostly small firms and cottage industries, with medium-to-large enterprises accounting for 15% of the sector. Thailand's largest drinks company ThaiBev purchased 252 KFC outlets in the country for approximately USD470mn. Thailand-based conglomerate Charoen Pokphand Foods (CP Foods) plans to increase the proportion of sales it makes from its overseas business in the next five years in a bid to 'tackle global economic uncertainties'. The government has announced a food and agro-industry project to support farmers and businesses, creating a Northern Thailand food valley to help make crop prices more stable and boost rural incomes.

Colombia boasts one of the larger pharmaceutical markets in Latin America, though it continues to be overshadowed by still larger markets, including Mexico, Brazil and Argentina. While the government's continued commitment to health and pharmaceutical reform make the country appealing for investment, Colombia's continued battle against counterfeit medicines and troublesome intellectual property regime continue to keep it from becoming a regional outperformer.

Retail sales increased by 8.6% y-o-y in October 2018, down from 9.2% the previous month and down from 10.4% in July 2017. Several consumer goods categories have seen a retail slowdown, with furniture the most impacted and cosmetics the only category still showing positive growth in retail sales.  Following the criticism of a perceived racist marketing campaign, luxury retailer Dolce & Gabanna cancelled its high profile catwalk show in Shanghai, while e-commerce majors Alibaba, JD.com and Yoox Net-a-Porter have dropped the brand from their websites.  US retailer Urban Outfitters has announced global expansion plans which involve a broadened commitment to China through the Tmall platform, holding inventory in the country and fulfilling orders through a third-party service provider in China.  Ralph Lauren is set for rapid expansion in China, with plans to open one store a week. This follows Ralph Lauren's plan to hit USD500mn in revenue from Greater China in the next five years. Chinese consumption of luxury goods will face downside risk following the escalation in border crackdown in October 2018 on Daigou shoppers who bring luxury purchases from overseas to Chinese consumers to evade taxes. Inditex-owned Uterqüe announced the launch of its flagship store on Alibaba's business-to-consumer platform Tmall, joining Zara on the platform in August 2018.

Cambodia's pharmaceutical market is underdeveloped. This, coupled with competition from neighbouring countries such as Vietnam and Thailand, means that the country is not a main focus for many multinational pharmaceutical companies looking to develop their presence in the region. In 2017, total pharmaceutical sales reached KHR1,192.4bn (USD294mn), with per capita spending reaching USD18.4. Pharmaceutical sales represent 23.7% of expenditure on healthcare and 1.3% of GDP. Total healthcare expenditure reached KHR5,034.1bn (USD1.2bn) in 2017, of which only 30% was government health expenditure and the remaining KHR3,548.3bn (USD875mn) private health spending. Per capita health expenditure reached USD77 and health expenditure represented 5.6% of GDP in 2017.