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High base effect had tapered India's formulations market growth in January, India Ratings and Research (Ind-Ra) said.

Accordingly, the ratings agency opined that 4.5 per cent month-on-month (MoM) decline in the growth rate of the India formulations market during January 2021 was due to a volume decline, primarily in acute therapy products.

"Lower sales was observed in anti-infective and respiratory products due to seasonality. The growth in January 2021 tapered due to the higher growth observed during January 2019, leading to a higher base effect," the ratings agency said in a report.

"However, the Indian pharmaceutical market (IPM) grew 4.5 per cent YoY during January 2021, due to a 2.9 per cent YoY volume decline, price growth of 4.9 per cent and products launches at 2.4 per cent."

According to the report, acute therapies such as gastro and vitamins witnessed growth of 14.3 per cent YoY and 16.2 per cent YoY while anti-infectives declined 2.7 per cent YoY, during January 2021, while a growth outperformance was observed in chronic therapies with cardiac and anti-diabetic growing 8.8 per cent YoY and 5.3 per cent YoY, respectively.

"The top five therapies contribute 57 per cent to IPM, whereas the top five players' contribution to these therapies is as follows; cardiac, anti-infectives, gastro-intestinal, anti-diabetic and vitamins."

"During January 2021, Cipla, Glenmark Pharmaceuticals and Aristo Pharma significantly outperformed the market, with YoY growth of 8 per cent, 15.5 per cent and 8.7 per cent, respectively. This was led by higher sales of Covid-19 related products and the continued outperformance of chronic therapies."