SINGAPORE – A coronavirus vaccine won't be the silver bullet to end the pandemic, the co-chair of Singapore's Covid-19 task force said this week despite "promising" news from pharmaceutical companies.

"We're certainly encouraged by it, it's very promising, but I would say also that the vaccine is not a silver bullet to end the pandemic," Lawrence Wong told "Squawk Box Asia" on Tuesday. "We should not put all our eggs into the vaccine basket."

His comments came one day after biotech company Moderna announced that trials show its vaccine is more than 94% effective in preventing Covid-19.Pfizer last week said its vaccine is more than 90% effective.

Wong, who is also the country's education minister, said the developments were positive, but there's still "a long way to go" before the safety and efficacy of the vaccines are ensured. They will then need to be distributed and it will take time for a sufficient number of people to be vaccinated, he added.

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