Etelcalcetide

一个维持性血液透析的肾友每周有三天，都要在医院的透析室里度过。每次四个小时，血液在机器里循环，把身体里多出来的水和毒素“洗”出去——这些本该由肾脏处理掉的“垃圾”，现在只能靠这台机器来代替罢工的肾脏。这已经成为他们生命的“必修课”。让他们喘不过气的不仅是日渐削弱的身体，更难熬的是失去养家糊口的能力，却还要面对一次次并发症治疗时，那些越攒越多的缴费单。继发性甲状旁腺功能亢进症（SHPT），是超过70%的终末期肾病血透患者绕不过去的坎。它带来的骨痛、骨折、心血管并发症，让患者的身体和经济雪上加霜。血透患者面临的经济压力，从来不是简单的药价问题。更准确地说，它是一笔贯穿疾病长期管理全过程的“总账”：药费只是其中一部分，治疗效果的好坏、用药种类的多少、不良反应的轻重、检查频率的高低、住院次数的多少、并发症的多少以及由疾病造成的工作能力下降，都可能成为这笔账里沉甸甸的条目。所以，当我们讨论创新药的价值时，不能只问“这款药多少钱？”还应该进一步追问：“它能否帮患者获得更好的治疗效果吗？它能减少那些搭配着吃的一大把辅助用药吗？它能降低不良反应和并发症的风险吗？长远来看，它能减少反复检查、反复住院带来的长期医疗资源消耗吗？”说到底，算药学的账，不能只算买药那一刻的"小账"，要算整个治疗过程的"大账"——算健康能不能稳住，算日子能不能过得下去。血透患者的“经济账”：不能只关注药价终末期肾病患者需要长期接受透析治疗维持生命，而继发性甲状旁腺功能亢进症（SHPT）是血透患者长期管理中常见且棘手的并发症之一。据2016年中国CK-NET年度报告，18,083例透析患者医疗总支出接近9.11亿元；另有研究显示，当iPTH超过600 pg/mL时，患者月均总医疗费用较iPTH处于150–300 pg/mL目标范围的患者高出41%。但这笔帐，从来不是某一种药的价格问题。当疾病控制不理想时，患者面对的是环环相扣的连锁反应——更多种类的药物、更频繁的抽血检查、更多的不良反应处理、反复住院，以及层出不穷的并发症。每一项单独看或许不算惊人，但加在一起，就成了压垮一个家庭的沉重负担。因此，无论对患者还是医保支付方，真正该算的帐，不是“这个药贵不贵”，而是“这些钱花得值不值”，也就是说，能够用合理的花费，换来患者更长、更好的生存，同时减少那些不必要的医疗消耗。这也是药物经济学评价的重要出发点。真正沉重的“经济账”，往往来自疾病失控之后SHPT并不是一个单纯的化验指标异常。长期钙磷代谢紊乱和甲状旁腺激素（PTH）失控，带来的是一连串实实在在的身体折磨——骨痛、容易骨折、血管钙化、甚至心血管出问题，这些都是迟早会面对的现实。首先是骨痛。这不是普通的腰酸背痛，而是高PTH水平下骨头被不断“掏空”后的持续性钝痛。约35% 的做甲状旁腺切除术的患者在术前就已被这种骨痛折磨得日夜难安，严重时“连翻身都像在被拆骨”，睡觉、吃饭、静坐，没有一刻是舒服的。更让人揪心的是骨折。由于骨代谢严重失衡，透析患者的骨头比正常人脆弱得多，透析患者的骨折风险是普通人群的4至17倍。而一次严重骨折意味着住院、手术、卧床康复、家属长期照护——每一次都是身体和钱包的双重消耗；最危险的是心血管并发症，这是一笔“看不见的账单”。高PTH水平加速血管钙化，让血管变硬，心脏负担加重，心梗、心衰、甚至猝死的概率都随之上升。有研究数据表明，PTH水平每升高100 pg/mL，心血管死亡风险增加12%。更令人警醒的是，这三类问题很少单独出现——一项针对中国119例SHPT患者的研究显示，38%的患者在就医时，已发生过心脏事件或骨折等严重并发症——也就是说，等到疼了、倒了、心慌了才去治，往往已经晚了。对于长期透析的患者来说，还有一笔容易被忽略的“隐形账”——疾病对生活能力和劳动能力的吞噬。很多患者正值壮年，却不得不离开工作岗位，从家里的“顶梁柱”变成需要被照顾的人。所以，真正有价值的治疗，目标从来不只是“把化验单上的箭头降下来”。创新药治疗真正应该努力的方向是它应该让疾病得到更稳定、更安全的控制，让患者少经历一次并发症、少住一次院——帮他们把被疾病夺走的生活，一点一点找回来。一个“治标不治本”的治疗困局现有SHPT治疗方案，面临一个临床中始终绕不开的“两难”：维生素D受体激动剂能有效降低PTH，却可能推高血钙、血磷；拟钙剂能抑制PTH分泌，却常伴随血钙过低的风险。两种主流药物各有短板，临床上无论单独使用还是联合用药，都很难同时兼顾PTH、血钙、血磷三项指标的平衡。即便采用联合治疗方案，中国SHPT患者 Ca、P、iPTH三项指标的综合达标率仅为18.4%（源于CNRDS 2025数据）。换句话说，每10个接受规范治疗的患者中，有8到9个人的三项关键指标不能同时达标。PTH可能勉强压下来了，但钙和磷又乱了——指标上按下葫芦浮起瓢，身体里骨痛、骨折、血管钙化、心血管并发症的风险依然在，患者并没有真正拜托并发症的威胁。不能忽视的还有药物本身的安全性风险。传统拟钙剂常引发严重的胃肠道反应，部分患者因恶心呕吐等难以耐受而中断治疗；活性维生素D则可能诱发高钙血症，增加血管钙化风险，由此又衍生出一系列新的治疗需求。为追求单项指标的控制，临床实践中不得不采取联合用药策略。其结果是，患者的月均药费负担显著增加、检查频率也相应提高，医保基金的支出压力也随之持续攀升。然而，即便如此，依然难以实现“全面达标”——这一现实，既暴露出当下SHPT治疗方案的局限性，也成为医患双方共同面对的突出痛点。正因如此，医生和患者都迫切需要一个更全面、更安全、能兼顾骨骼与心血管获益的新选择。药物经济学的核心逻辑：综合达标率提升，才是真正的“减负”麦科奥特自主研发的MT1013是全球首创的双靶点受体激动剂多肽药物，目前处于III期临床试验阶段，计划于2027年申报上市。与现有药物相比，MT1013的差异化价值在于“单分子、双靶点”的协同机制。它代表了一种全新策略：在通过激活钙敏感受体（CaSR）有效抑制PTH过度分泌的同时，直接发挥成骨活性，驱动骨形成与修复，实现从“被动控制”到“主动修复”的跨越。II期临床数据显示：MT1013在iPTH、血钙、血磷综合达标率上约为依特卡肽的2.5倍：MT1013组34.48%–39.29% vs 依特卡肽组18.4%；低钙血症发生率为7.7%，低于依特卡肽的15.2%；显著降低与心血管风险相关的FGF23（成纤维细胞生长因子23）水平。“综合达标率”提高，意味着什么？对于患者而言，意味着疾病得到更有效控制，减少因指标波动带来的身体痛苦和长期经济负担。对于临床医生而言，意味着减少为了为分别控制不同指标而不断叠加、调整治疗方案的压力，使管理更加简化。从药物经济学角度看，更值得关注的是：如果一种治疗方案能用更少的药物组合，实现更高比例患者的综合达标，那么需要评价的就不只是“药品价格”，而是整个治疗方案的成本与价值。而更具临床意义的是，综合达标率的提升直接关联着心血管预后的改善。中国DOPPS研究显示，血钙、血磷、PTH三项同时达标的透析患者，心血管死亡风险降低39.6%（HR=0.604）；且PTH水平与心血管钙化显著正相关（r=0.47, P<0.001）。这些数据印证了一个关键事实——综合达标不是终点，降低心血管事件、改善长期生存才是治疗的终极目标。而MT1013的“单分子、双靶点”设计，让一种药物同时实现PTH有效下降与钙磷平衡维持，不再需要复杂的联合用药方案。用更高的综合达标率，直接降低了药物联用的必要性，减少了用药种类和数量；用更好的安全性，减少不良反应及其后续管理成本；用更稳定的疾病控制，减少严重并发症和住院带来的支出——这是创新药真正创造的经济价值，更是实现临床硬终点获益的可行路径。2025年，MT1013与现有主流药物依特卡肽的头对头II期研究被美国肾脏病学会（ASN）年会收录为 “Late-Breaking Science”（最新突破性科学成果），标志着国际顶级学术界对其“同类首创”潜力的高度认可。2026年，麦科医药就MT1013已与云顶新耀达成独家商业化合作，覆盖中国及亚太区，首付款及里程碑金额最高达12.4亿元。可以看出资本市场和产业界对其临床价值与市场潜力的认同。从“治疗一种疾病”到“提高整个治疗体系的效率”创新药的意义，从来不只是创造一个新的分子。对于麦科奥特而言，真正值得长期探索的，是能否从疾病机制和临床需求出发，找到更有效、更精准的治疗方式。MT1013对SHPT的探索，正是这一研发理念的深入实践——希望通过机制创新，在多个关键治疗目标之间建立更有效的协同。MT1013的III期临床数据，将不只是验证一个新药的疗效与安全性，更是验证一种治疗理念的机会——让SHPT管理回归“以患者为中心”的效率逻辑。对患者，意味着更简单的用药方案与更稳定的疾病控制；对医生，意味着更精简的决策路径与更确定的治疗结果；对医保，则意味着将有限支付资源更高效地转化为真实临床获益。从临床未满足需求出发，用机制创新提升治疗效率，进一步探索临床价值与经济价值的统一——这正是麦科奥特在创新药研发道路上长期坚持的方向。

MICOT 点击蓝字 关注我们 Slide to view different languages  滑动查看不同语言 一个维持性血液透析的肾友每周有三天，都要在医院的透析室里度过。每次四个小时，血液在机器里循环，把身体里多出来的水和毒素“洗”出去——这些本该由肾脏处理掉的“垃圾”，现在只能靠这台机器来代替罢工的肾脏。这已经成为他们生命的“必修课”。让他们喘不过气的不仅是日渐削弱的身体，更难熬的是失去养家糊口的能力，却还要面对一次次并发症治疗时，那些越攒越多的缴费单。 继发性甲状旁腺功能亢进症（SHPT），是超过70%的终末期肾病血透患者绕不过去的坎。它带来的骨痛、骨折、心血管并发症，让患者的身体和经济雪上加霜。 血透患者面临的经济压力，从来不是简单的药价问题。更准确地说，它是一笔贯穿疾病长期管理全过程的“总账”：药费只是其中一部分，治疗效果的好坏、用药种类的多少、不良反应的轻重、检查频率的高低、住院次数的多少、并发症的多少以及由疾病造成的工作能力下降，都可能成为这笔账里沉甸甸的条目。 所以，当我们讨论创新药的价值时，不能只问“这款药多少钱？” 还应该进一步追问：“它能否帮患者获得更好的治疗效果吗？它能减少那些搭配着吃的一大把辅助用药吗？它能降低不良反应和并发症的风险吗？长远来看，它能减少反复检查、反复住院带来的长期医疗资源消耗吗？” 说到底，算药学的账，不能只算买药那一刻的"小账"，要算整个治疗过程的"大账"——算健康能不能稳住，算日子能不能过得下去。 血透患者的“经济账”：不能只关注药价 终末期肾病患者需要长期接受透析治疗维持生命，而继发性甲状旁腺功能亢进症（SHPT）是血透患者长期管理中常见且棘手的并发症之一。 据2016年中国CK-NET年度报告，18,083例透析患者医疗总支出接近9.11亿元；另有研究显示，当iPTH超过600 pg/mL时，患者月均总医疗费用较iPTH处于150–300 pg/mL目标范围的患者高出41%。 但这笔帐，从来不是某一种药的价格问题。 当疾病控制不理想时，患者面对的是环环相扣的连锁反应——更多种类的药物、更频繁的抽血检查、更多的不良反应处理、反复住院，以及层出不穷的并发症。每一项单独看或许不算惊人，但加在一起，就成了压垮一个家庭的沉重负担。 因此，无论对患者还是医保支付方，真正该算的帐，不是“这个药贵不贵”，而是“这些钱花得值不值”，也就是说，能够用合理的花费，换来患者更长、更好的生存，同时减少那些不必要的医疗消耗。 这也是药物经济学评价的重要出发点。 真正沉重的“经济账”，往往来自疾病失控之后 SHPT并不是一个单纯的化验指标异常。 长期钙磷代谢紊乱和甲状旁腺激素（PTH）失控，带来的是一连串实实在在的身体折磨——骨痛、容易骨折、血管钙化、甚至心血管出问题，这些都是迟早会面对的现实。 首先是骨痛。这不是普通的腰酸背痛，而是高PTH水平下骨头被不断“掏空”后的持续性钝痛。约35% 的做甲状旁腺切除术的患者在术前就已被这种骨痛折磨得日夜难安，严重时“连翻身都像在被拆骨”，睡觉、吃饭、静坐，没有一刻是舒服的。 更让人揪心的是骨折。由于骨代谢严重失衡，透析患者的骨头比正常人脆弱得多，透析患者的骨折风险是普通人群的4至17倍。而一次严重骨折意味着住院、手术、卧床康复、家属长期照护——每一次都是身体和钱包的双重消耗； 最危险的是心血管并发症，这是一笔“看不见的账单”。高PTH水平加速血管钙化，让血管变硬，心脏负担加重，心梗、心衰、甚至猝死的概率都随之上升。有研究数据表明，PTH水平每升高100 pg/mL，心血管死亡风险增加12%。 更令人警醒的是，这三类问题很少单独出现——一项针对中国119例SHPT患者的研究显示，38%的患者在就医时，已发生过心脏事件或骨折等严重并发症——也就是说，等到疼了、倒了、心慌了才去治，往往已经晚了。 对于长期透析的患者来说，还有一笔容易被忽略的“隐形账”——疾病对生活能力和劳动能力的吞噬。很多患者正值壮年，却不得不离开工作岗位，从家里的“顶梁柱”变成需要被照顾的人。 所以，真正有价值的治疗，目标从来不只是“把化验单上的箭头降下来”。创新药治疗真正应该努力的方向是它应该让疾病得到更稳定、更安全的控制，让患者少经历一次并发症、少住一次院——帮他们把被疾病夺走的生活，一点一点找回来。 一个“治标不治本”的治疗困局 现有SHPT治疗方案，面临一个临床中始终绕不开的“两难”：维生素D受体激动剂能有效降低PTH，却可能推高血钙、血磷；拟钙剂能抑制PTH分泌，却常伴随血钙过低的风险。两种主流药物各有短板，临床上无论单独使用还是联合用药，都很难同时兼顾PTH、血钙、血磷三项指标的平衡。 即便采用联合治疗方案，中国SHPT患者 Ca、P、iPTH三项指标的综合达标率仅为18.4%（源于CNRDS 2025数据）。换句话说，每10个接受规范治疗的患者中，有8到9个人的三项关键指标不能同时达标。PTH可能勉强压下来了，但钙和磷又乱了——指标上按下葫芦浮起瓢，身体里骨痛、骨折、血管钙化、心血管并发症的风险依然在，患者并没有真正拜托并发症的威胁。 不能忽视的还有药物本身的安全性风险。传统拟钙剂常引发严重的胃肠道反应，部分患者因恶心呕吐等难以耐受而中断治疗；活性维生素D则可能诱发高钙血症，增加血管钙化风险，由此又衍生出一系列新的治疗需求。 为追求单项指标的控制，临床实践中不得不采取联合用药策略。其结果是，患者的月均药费负担显著增加、检查频率也相应提高，医保基金的支出压力也随之持续攀升。然而，即便如此，依然难以实现“全面达标”——这一现实，既暴露出当下SHPT治疗方案的局限性，也成为医患双方共同面对的突出痛点。 正因如此，医生和患者都迫切需要一个更全面、更安全、能兼顾骨骼与心血管获益的新选择。 药物经济学的核心逻辑：综合达标率提升，才是真正的“减负” 麦科奥特自主研发的MT1013是全球首创的双靶点受体激动剂多肽药物，目前处于III期临床试验阶段，计划于2027年申报上市。 与现有药物相比，MT1013的差异化价值在于“单分子、双靶点”的协同机制。它代表了一种全新策略：在通过激活钙敏感受体（CaSR）有效抑制PTH过度分泌的同时，直接发挥成骨活性，驱动骨形成与修复，实现从“被动控制”到“主动修复”的跨越。。 II期临床数据显示 MT1013在iPTH、血钙、血磷综合达标率上约为依特卡肽的2.5倍：MT1013组34.48%–39.29% vs 依特卡肽组18.4%； 低钙血症发生率为7.7%，低于依特卡肽的15.2%； 显著降低与心血管风险相关的FGF23（成纤维细胞生长因子23）水平。 “综合达标率”提高，意味着什么？ 对于患者而言，意味着疾病得到更有效控制，减少因指标波动带来的身体痛苦和长期经济负担。 对于临床医生而言，意味着减少为了分别控制不同指标而不断叠加、调整治疗方案的压力，使管理更加简化。 从药物经济学角度看，更值得关注的是：如果一种治疗方案能用更少的药物组合，实现更高比例患者的综合达标，那么需要评价的就不只是“药品价格”，而是整个治疗方案的成本与价值。 而更具临床意义的是，综合达标率的提升直接关联着心血管预后的改善。中国DOPPS研究显示，血钙、血磷、PTH三项同时达标的透析患者，心血管死亡风险降低39.6%（HR=0.604）；且PTH水平与心血管钙化显著正相关（r=0.47, P<0.001）。这些数据印证了一个关键事实——综合达标不是终点，降低心血管事件、改善长期生存才是治疗的终极目标。 而MT1013的“单分子、双靶点”设计，让一种药物同时实现PTH有效下降与钙磷平衡维持，不再需要复杂的联合用药方案。用更高的综合达标率，直接降低了药物联用的必要性，减少了用药种类和数量；用更好的安全性，减少不良反应及其后续管理成本；用更稳定的疾病控制，减少严重并发症和住院带来的支出——这是创新药真正创造的经济价值，更是实现临床硬终点获益的可行路径。 2025年，MT1013与现有主流药物依特卡肽的头对头II期研究被美国肾脏病学会（ASN）年会收录为 “Late-Breaking Science”（最新突破性科学成果），标志着国际顶级学术界对其“同类首创”潜力的高度认可。 2026年，麦科医药就MT1013已与云顶新耀达成独家商业化合作，覆盖中国及亚太区，首付款及里程碑金额最高达12.4亿元。可以看出资本市场和产业界对其临床价值与市场潜力的认同。 从“治疗一种疾病”到“提高整个治疗体系的效率” 创新药的意义，从来不只是创造一个新的分子。 对于麦科奥特而言，真正值得长期探索的，是能否从疾病机制和临床需求出发，找到更有效、更精准的治疗方式。MT1013对SHPT的探索，正是这一研发理念的深入实践——希望通过机制创新，在多个关键治疗目标之间建立更有效的协同。 MT1013的III期临床数据，将不只是验证一个新药的疗效与安全性，更是验证一种治疗理念的机会——让SHPT管理回归“以患者为中心”的效率逻辑。对患者，意味着更简单的用药方案与更稳定的疾病控制；对医生，意味着更精简的决策路径与更确定的治疗结果；对医保，则意味着将有限支付资源更高效地转化为真实临床获益。 从临床未满足需求出发，用机制创新提升治疗效率，进一步探索临床价值与经济价值的统一——这正是麦科奥特在创新药研发道路上长期坚持的方向。 MICOT For patients on maintenance hemodialysis, three days a week are spent in the hospital dialysis unit, with each session lasting four hours. During treatment, blood circulates through a dialysis machine to remove excess fluid and metabolic waste that would normally be cleared by functioning kidneys. For these patients, dialysis has become an unavoidable part of life. What weighs on them is not only their declining physical health, but also the loss of their ability to support their families, compounded by mounting medical bills from repeated treatment of complications. Secondary hyperparathyroidism (SHPT) is a common and challenging complication affecting more than 70% of patients with end-stage renal disease (ESRD) receiving hemodialysis. The bone pain, fractures, and cardiovascular complications associated with SHPT can further compound both the physical and financial burden on patients. The economic burden faced by patients on hemodialysis extends far beyond the cost of medications. More precisely, it is an overall burden accumulated throughout long-term disease management. Medication costs are only one component; treatment effectiveness, the number of medications required, the severity of adverse events, the frequency of laboratory testing, the number of hospitalizations, the burden of complications, and disease-related loss of work capacity can all contribute substantially to the overall cost burden. Therefore, when considering the value of an innovative therapy, the question cannot simply be, “How much does the drug cost?” We should also ask: “Can it help patients achieve better treatment outcomes? Can it reduce the number of additional medications required alongside the primary therapy? Can it lower the risk of adverse events and complications? Over the long term, can it reduce healthcare resource utilization associated with repeated testing and hospitalizations?” Ultimately, the value of a medicine should not be assessed solely by its acquisition cost. It should be evaluated across the entire treatment journey—including whether it can achieve sustained disease control, reduce complications and healthcare utilization, and ultimately help patients maintain their health and quality of life. The Economic Burden of Hemodialysis: Looking Beyond Medication Costs Patients with end-stage renal disease require long-term dialysis to sustain life, while secondary hyperparathyroidism (SHPT) is one of the common and challenging complications encountered in the long-term management of patients receiving hemodialysis. According to the 2016 China Kidney Disease Network (CK-NET) Annual Report, total medical expenditure for 18,083 dialysis patients approached RMB 911 million. Separately, research has shown that when intact parathyroid hormone (iPTH) levels exceed 600 pg/mL, patients’ average monthly total medical costs are 41% higher than those of patients whose iPTH levels fall within the target range of 150–300 pg/mL. However, this economic burden is not simply a matter of the price of any single medication. When disease control is suboptimal, patients may face a cascade of interconnected consequences: more medications, more frequent blood tests, additional management of adverse events, repeated hospitalizations, and an increasing burden of complications. Each individual cost may not appear substantial, but together they can become a significant burden for patients and their families. Therefore, for both patients and healthcare payers, the more important question is not simply whether a drug is expensive, but whether the expenditure delivers sufficient value—whether reasonable spending can contribute to longer and better lives while reducing unnecessary healthcare resource utilization. This is also a fundamental starting point for pharmacoeconomic evaluation. The Greatest Economic Burden Often Emerges When Disease Is Poorly Controlled SHPT is far more than an abnormal laboratory value. Long-term disturbances in calcium-phosphate metabolism and uncontrolled parathyroid hormone (PTH) levels can lead to a range of serious clinical consequences, including bone pain, increased fracture risk, vascular calcification, and cardiovascular complications. Bone pain is one of the most immediate consequences. This is not ordinary back pain, but a persistent, dull ache associated with skeletal changes under conditions of elevated PTH levels. Approximately 35% of patients undergoing parathyroidectomy were already experiencing significant bone pain before surgery; in severe cases, even turning over in bed can be intensely painful, making sleeping, eating, or sitting still difficult. Fractures are an even more serious concern. Severe disturbances in bone metabolism can make patients on dialysis substantially more vulnerable to fractures, with fracture risk reported to be 4 to 17 times higher than in the general population. A serious fracture may lead to hospitalization, surgery, prolonged bed rest and rehabilitation, as well as long-term caregiving by family members—imposing both a physical and financial burden. Cardiovascular complications may be the most serious consequences, creating a hidden but substantial burden. Elevated PTH levels may contribute to vascular calcification, vascular stiffness, and increased cardiac workload, thereby increasing the risk of myocardial infarction, heart failure, and even sudden death. Study data indicate that for every 100 pg/mL increase in PTH levels, the risk of cardiovascular mortality increases by 12%. More concerningly, these complications rarely occur in isolation. A study of 119 Chinese patients with SHPT found that 38% had already experienced serious complications, such as cardiac events or fractures, when they sought medical care. In other words, waiting until symptoms such as pain, falls, or palpitations occur before seeking treatment may mean that the disease has already progressed significantly. For patients receiving long-term dialysis, there is another easily overlooked “hidden cost”: the impact of disease on functional capacity and the ability to work. Many patients are still in their working years, yet are forced to leave the workforce and shift from being a primary provider for their families to becoming someone who requires care. The goal of truly valuable treatment, therefore, should go beyond simply lowering abnormal laboratory values. Innovative therapies should strive to provide more stable and safer disease control, reduce complications and hospitalizations, and ultimately help patients regain the quality of life that the disease has taken from them. A Treatment Dilemma: Addressing Individual Parameters Without Achieving Overall Disease Control Current treatment options for SHPT presenta persistent clinical challenge. Vitamin D receptor activators (VDRAs) can effectively lower PTH levels but may increase serum calcium and phosphate, while calcimimetics can suppress PTH secretion but are often associated with a risk of hypocalcemia. Each of these two major treatment classes has its limitations, and in clinical practice, whether used alone or in combination, it remains difficult to achieve simultaneous control of PTH, serum calcium, and serum phosphate. Even with combination therapy, the composite target-attainment rate for serum calcium (Ca), phosphate (P), and iPTH among Chinese patients with SHPT was only 18.4%, according to 2025 data from the China National Renal Data System (CNRDS). In other words, approximately 8 to 9 out of every 10 patients receiving standard treatment fail to achieve simultaneous target attainment across all three key parameters. PTH may be brought under control, only for calcium and phosphate to become imbalanced. As a result, the risks of bone pain, fractures, vascular calcification, and cardiovascular complications may persist, leaving patients still exposed to the threat of complications. The safety risks associated with these therapies also cannot be overlooked. Conventional calcimimetics may cause gastrointestinal adverse events, and some patients may discontinue treatment because of intolerance to symptoms such as nausea and vomiting. Active vitamin D may induce hypercalcemia and potentially increase the risk of vascular calcification, creating additional treatment needs. In an effort to control individual parameters, combination therapy is often required in clinical practice. This can increase patients’ average monthly medication costs and the frequency of laboratory monitoring, while also placing greater pressure on healthcare payer resources. Yet even with such treatment strategies, achieving comprehensive target attainment remains challenging. This highlights the limitations of current SHPT treatment regimens and represents an important unmet need for both physicians and patients. For this reason, both physicians and patients need new treatment options that offer more comprehensive and safer disease control while addressing both skeletal and cardiovascular outcomes. The Core Logic of Pharmacoeconomics: Higher Composite Target Attainment May Reduce the Overall Treatment Burden MT1013, independently developed by Micot, is a first-in-class dual-target receptor agonist peptide. It is currently in Phase III development, with a regulatory submission planned for 2027. Compared with existing therapies, MT1013’s differentiated value lies in its single-molecule, dual-target mechanism. It represents a novel therapeutic approach: by activating the calcium-sensing receptor (CaSR), MT1013 effectively suppresses excessive PTH secretion while simultaneously exerting direct osteogenic activity to promote bone formation and repair—representing a shift from passive disease control toward active skeletal restoration. Phase II clinical data showed: MT1013 achieved a composite target-attainment rate for iPTH, serum calcium, and serum phosphate approximately 2.5 timesthat observed with etelcalcetide, with rates of 34.48%–39.29% in the MT1013 arm versus 18.4% in the etelcalcetide arm. The incidence of hypocalcemia was 7.7%, compared with 15.2% in the etelcalcetide arm. MT1013 also significantly reduced levels of fibroblast growth factor 23 (FGF23), which has been associated with cardiovascular risk. What Does Higher Composite Target Attainment Mean? For patients, higher composite target attainment may mean more effective disease control, potentially reducing the physical burden and long-term economic burden associated with fluctuations in key laboratory parameters. For clinicians, it may reduce the need to continually add or adjust therapies to control individual parameters separately, thereby simplifying overall disease management. From a pharmacoeconomic perspective, the more important consideration is that if a treatment regimen can enable a higher proportion of patients to achieve composite target attainment with a simpler medication regimen, the relevant assessment should extend beyond drug price to the overall cost and value of the treatment strategy. Of greater clinical significance, higher composite target attainment is associated with better cardiovascular outcomes. The China Dialysis Outcomes and Practice Patterns Study (DOPPS) found that dialysis patients achieving simultaneous target attainment for serum calcium, serum phosphate, and PTH had a 39.6% lower risk of cardiovascular death (HR = 0.604). The study also found a significant positive correlation between PTH levels and cardiovascular calcification (r = 0.47, P < 0.001). These findings underscore an important point: composite target attainment is not an endpoint in itself; reducing cardiovascular events and improving long-term survival are the ultimate goals of treatment. MT1013’s single-molecule, dual-target design is intended to enable effective PTH reduction while maintaining calcium-phosphate balance with a single agent, potentially reducing the need for complex combination regimens. By enabling a higher proportion of patients to achieve composite target attainment, MT1013 may reduce medication burden and the need for combination therapy; a favorable safety profile may reduce adverse events and their downstream management costs; and more stable disease control may reduce healthcare expenditures associated with serious complications and hospitalization.Together, these factors represent potential economic value generated by an innovative therapy and may provide a pathway toward improved clinical outcomes, including hard clinical endpoints. In 2025, the head-to-head Phase II study of MT1013 versus the established therapy etelcalcetide was accepted for presentation as Late-Breaking Science at the American Society of Nephrology (ASN) Kidney Week, highlighting the international nephrology community’s recognition of its potential as a first-in-class therapy. In 2026, Micot entered into an exclusive commercialization agreement with Everest Medicines for MT1013 covering China and the Asia-Pacific region, with upfront and milestone payments totaling up to RMB 1.24 billion. The agreement reflects recognition from both the capital markets and the biopharmaceutical industry of the program’s clinical value and market potential. From Treating a Disease to Improving the Efficiency of the Overall Treatment System The significance of an innovative medicine extends beyond simply creating a new molecule. For Micot, the long-term goal is to identify more effective and precise treatment approaches grounded in disease mechanisms and unmet clinical needs. The development of MT1013 for SHPT represents a practical application of this R&D philosophy, seeking to use mechanistic innovation to achieve greater synergy across multiple key therapeutic goals. The Phase III clinical data for MT1013 will do more than evaluate the efficacy and safety of a new medicine; they will also provide an opportunity to assess a broader treatment philosophy—one that seeks to make SHPT management more patient-centered and efficient. For patients, this could mean simpler treatment regimens and more stable disease control; for physicians, a more streamlined decision-making pathway and more predictable treatment outcomes; and for healthcare payers, more efficient allocation of limited resources toward meaningful clinical benefit. Starting from unmet clinical needs, using mechanistic innovation to improve treatment efficiency, and exploring how clinical value can be aligned with economic value—this is the direction that Micot has long pursued in innovative drug development. MICOT