Other Asian countries have been on red alert ever since multiple cases of coronavirus were confirmed in China, but hopes are rising as the National Institutes of Health (NIH) announced on Tuesday that it is now on the early stages of developing a vaccine.

According to CNN, director of the National Institutes of Allergy and Infectious Diseases, Dr. Anthony Fauci, confirmed that a vaccine is finally in the works. However, only "the first steps" have been taken in the vaccine's development.

While the development of a vaccine is good news for China and other Asian countries reeling from fear of the new virus, Fauci pointed out that it will take months before the first clinical trials are made for the vaccine.

Aside from NIH experts, there is also another team of scientists who are working on a joint study to come up with a vaccine that should stop the coronavirus from spreading further.

Vaccine scientist at Baylor College of Medicine, Dr. Peter Hortez, noted that the team of scientists in China, New York, and Texas, learned that "coronavirus infections are serious and one of the newest and biggest global health threats."

Hortez said unlike in the past, the development of vaccines is much faster now. He went on to recognize the efforts of Chinese virus experts and researchers who made sure to identify and warn the world about the virus's specific genome.

Since the first case was reported in China last month, over 200 people have been infected by the fast-spreading virus. Four cases have also been confirmed outside China: Japan, South Korea, and Thailand.

Chinese authorities on late Monday confirmed that the new virus is one that can be passed from one person to another, making it even more critical for people traveling during the Lunar New Year holidays to be extra careful of their health.

According to CNBC, China also revealed that four people have died from the new coronavirus that is believed to have started an outbreak from a seafood market in Wuhan. The World Health Organization (WHO) also said the outbreak may have started from an animal source in the said city's market area.

In Wuhan alone, there have been 198 cases confirmed, while 14 were reported in Guangdong province, one case in the city of Shanghai, and five confirmed patients in Beijing.

The coronavirus family includes the virus that causes Severe Acute Respiratory Syndrome (SARS). In retrospect, SARS killed over 700 people around Asia when it was first detected in 2003.

Economists have also warned that if the outbreak isn't stopped as soon as possible, Wuhan's economy, and China's economy as a whole will be affected during the Lunar New Year festivities - a crucial time of the year for Chinese sectors to supposedly see growth in.