The company is planning to apply for emergency authorisation in the coming days.
There could be a breakthrough in the search of a working COVID-19 vaccine.
This is after American-based drugmaker Pfizer said that its coronavirus vaccine, developed with partner BioNTech, is 95 per cent effective and had no major side effects.
This development comes less than a year after researchers began working on the vaccine and has smashed all speed records for vaccine development, a process which usually takes years.
Data from Pfizer showed that the vaccine prevented mild and severe forms of COVID-19. It was also 94 per cent effective in older adults, who may be prone to developing severe COVID-19 and do not respond strongly to certain vaccines.
Pfizer and BioNTech revealed they plan to submit an application to the Food and Drug Administration (FDA) for emergency authorisation in the days to come.
“The study results mark an important step in this historic eight-month journey to bring forward a vaccine capable of helping to end this devastating pandemic,” said Pfizer’s chief executive, Dr Albert Bourla in a statement.
Should the two-dose vaccine be authorised, it is believed that up to 50 million doses would be available by the end of the year, and up to 1.3 billion by the end of next year.
Earlier this week, Prime Minister Lee Hsien Loong said in an interview with Bloomberg that Singapore has made arrangements with various COVID-19 vaccine makers to ensure it will not be last in the queue once doses are available.
Additionally, a committee has been formed to prioritise those who should receive the vaccine when the time comes.
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