The chief executive of Novartis believes it will take at least 12 months to find a new vaccine to treat the coronavirus, with the fast-spreading nature of the outbreak a threat that must be taken "really seriously."

China's National Health Commission confirmed Wednesday that the coronavirus had infected 5,974 people, with 132 deaths and 103 cured.

The virus, which was first discovered in the Chinese city of Wuhan, has spread to other major cities such as Beijing, Shanghai, Macao and Hong Kong.

The number of coronavirus cases in China has already surpassed that of severe acute respiratory syndrome, or SARS, with market participants increasingly concerned about the severity of its economic impact.

"The reality is, it will take over a year in my expectation to really find a new vaccine for this so, we need to really use epidemiological controls to really get this situation in a better place," Vas Narasimhan, CEO of Novartis, told CNBC's Julianna Tatelbaum in Basel, Switzerland on Wednesday.

Multiple cases of the coronavirus have been confirmed in Thailand, Vietnam, South Korea, Malaysia, Japan, Australia, France and the United States.