How has the Food and Drug Administration's recent decisions on rare disease drugs affected investment trends? Why is Eli Lilly getting into sleep medicine? And where did Allison go on her vacation?

We discuss all that and more on this week's episode of “The Readout LOUD,” STAT's weekly biotech podcast. Biotech investor Rod Wong joins us to talk about why an industry-patient coalition he's part of sent a letter to President Trump asking for more regulatory flexibility at the FDA.

We also discuss the U.S. approval of Eli Lilly's obesity pill, recent deal-making by large pharma companies, a strange story about promotion of psychedelic drugs on YouTube, and more.