An initial shipment of over 7700 doses of the antibody treatment Sotrovimab are being assessed.

Health Minister Greg Hunt said the treatment has been shown to dramatically reduce hospitalisation and risk of death in adults with mild to moderate cases of the virus, who are at risk of developing a severe case.

It is expected to be available for use this year once approved by the TGA evaluations are complete.

"It's not a sliver bullet but it can absolutely save lives and protect lives for whom are considered to be likely affected," Mr Hunt told reporters in Canberra on Sunday.

Chief Medical Officer Paul Kelly said it is one of hundreds of treatments that are being looked at around the world.

"This medicine is not for everybody," Professor Kelly told reporters.

"It will be mostly aimed at people that are not vaccinated. It will be mostly for people who are at highest risk of severe disease, and it needs to be given early in the treatment course."

The treatment is manufactured by global healthcare company GSK and will require just one dose administered via IV infusion in a healthcare facility, Mr Hunt said.

In a statement, GSK Australia it will be the first treatment to receive regulatory approval to treat early stage COVID-19 in Australia.

"GSK is committed to partnering with the Australian Government to ensure Australians get prompt access to emerging treatments once they have been approved by the appropriate regulators," GSK Australia medical lead for COVID-19 therapeutics Dr Krystal Evans said.

Australian Associated Press