An advisory panel of experts under the Ministry of Food and Drug Safety has assessed that the COVID-19 vaccine developed by U.S. pharmaceutical company Moderna is effective enough to secure authorization.

The ministry said on Monday that the seven-member panel came to the conclusion after reviewing on Sunday the results of the vaccine’s U.S. Phase Three clinical trial that involved some 30-thousand people.  

The clinical trial results showed the vaccine's effectiveness against COVID-19 came in at around 94-point-one percent. 

Based on the assessment, the Ministry of Food and Drug Safety plans to convene a meeting on Thursday of a panel of pharmacists to discuss the vaccine’s safety, efficacy and factors that need to be considered for authorization.

The ministry undergoes a three-phase review to introduce COVID-19 vaccines composed of one by an advisory panel of experts, the next by pharmacists and then a final comprehensive review.