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High base effect along with volume decline subdued the growth of India's pharmaceuticals market, India Ratings and Research (Ind-Ra) said.

Accordingly, the volume declined in the anti-infective and respiratory products was pronounced during the month.

"Ind-Ra expects a growth improvement over the coming months as the vaccination drive gains momentum and a lower base leads to better growth momentum."

"However, IPM grew 1.1 per cent YoY during February 2021, due to a 5.8 per cent volume decline, price growth of 4.8 per cent and products launches at 2.1 per cent."

According to Ind-Ra, acute therapies such as gastro and vitamins witnessed sales growth of 9.9 per cent YoY and 8.6 per cent YoY, respectively, while anti-infectives declined 11.3 per cent YoY during February 2021.

"A growth outperformance was observed in chronic therapies during the month, with cardiac and anti-diabetic growing 7.3 per cent YoY and 4.3 per cent YoY, respectively."