Egypt is eying one billion dollar worth of investments in the pharmaceutical industry till 2014, said Dr. Magdy Hassanein, chairman of the Drug Holding Company (HoldiPharma). He added that the budget proposal for the drug companies target a growth rate of 10 per cent in the production and exportation of drugs for this financial year, compared to 2009/2010. Egypt's total pharmaceutical spending reached LE13.75bn (US$2.48bn) in 2009. A 2010 Business Monitor International report expected the rate of growth in the industry to slow to 9.37% over the 2009-2019 period under pressure from higher generics use, pricing reforms, lower inflation and patent expirations.