Pharma’s newest obsession involves mimicking the system that keeps people awake. One peptide has recently transformed medicine. Drugs based on GLP-1, a hormone released by the gut after a meal, began as treatments for diabetes before proving remarkably good at helping people shed weight. They have since shown benefits in the fields of heart disease, kidney disease, sleep apnoea and other ailments.

Drugmakers are now betting that others, the orexins, could follow a similar path. Orexins regulate wakefulness and appetite, and early trials suggest potential for obesity, narcolepsy, and more. This could be the brain’s equivalent of the Ozempic moment, as pharma companies race to develop orexin-based therapies.

Unlike GLP-1 which acts primarily on the gut and pancreas, orexins target the brain's hypothalamus, opening new avenues for neurological conditions. The parallels to GLP-1's trajectory are striking, with investors watching closely. This emerging field could reshape treatment for metabolic and sleep disorders.