American pharmaceutical giant Pfizer says initial trial results of its COVID-19 vaccine have shown it to be 90 per cent effective in what has been described as a “stunning” result.

The news sent global stock markets soaring.

The vaccine has been tested on more than 43,000 people.

Australia plans to secure 10 million doses of the vaccine.

Australian Medical Journal editor Professor Nick Talley told ben Fordham it was a thrilling development.

“It is stunning Ben, it’s stunning, really exciting.

“It really looks very much like a winner.

“This isn’t approved yet but it looks extremely promising.

“There will be some doses, if this get approved, even at the end of this year.

“Certainly first quarter next year, there should be doses available with luck in Australia, assuming it all gets approved.”

The drug will now be submitted for regulatory approval.

Pfizer chairman Albert Bourla said it was a “great day for humanity”.

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