The vaccine, known as ChAdOx1 nCoV-19, is being developed by the Jenner Institute and Oxford Vaccine Group at the University of Oxford.
The 67-year-old told BBC Radio 4's Today programme that the challenge now is to be able to manufacture at scale once it is approved by the regulators.
The vaccine candidate is based on a chimpanzee adenovirus that is incapable of replication.
Specifically, the University of Oxford will receive £65.5 million and Imperial College London £18.5 million. Last week more than 140 world leaders and experts called for future coronavirus vaccines to be made available to everyone free of charge, amid concerns that wealthy countries would pay to be at the front of the queue.
'We really need a partner to do that and that partner has a big job in the United Kingdom because our manufacturing capacity in the United Kingdom for vaccines isn't where it needs to be, and so we are going to work together with AstraZeneca to improve that considerably'.
A high-profile oxford vaccine to fight the Corona Virus, being tested by researchers at Oxford University failed to prevent virus spread in monkeys. "It may be longer than any of us would want to think".
"Most importantly that means bringing down the infection rate - and that can only be achieved if we continue to obey the rules on social distancing to help stop it spreading".
He added that with the disease on the wane, there is a risk there may not be enough active disease to catch people.
"Also important is the fact that the research confirmed the vaccine candidate didn't induce" an immune-enhanced disorder in vaccinated animals". The researchers also detected the virus on autopsy in the lungs of the vaccinated monkeys. The study also proved that the drug was safe for the animals, as it didn't cause an enhanced COVID-19 case in the subjects.
"This not going to be an expensive vaccine", Hill told Reuters in an interview.
Small bottles labeled with a "Vaccine COVID-19" sticker and a medical syringe are seen in this illustration taken taken April 10, 2020.
Similar to other SARS-CoV-2 coronavirus vaccine candidates being developed, companies are increasing manufacturing scale so they can be produced when approved and then rapidly distributed to patients as quickly as possible.
"I recognise what we are now asking is more complex than simply staying at home, but this is a complex problem and we need to trust in the good sense of the British people".
Speaking during a press conference on Sunday, the government minister gave an update on the work of the U.K.'s Vaccine Taskforce, which is coordinating the efforts of government, academia and industry.
Dr. Haseltine said that this was "encouraging", but that "experience with other vaccinations teaches us that this is not a solid guarantee for humans".
The stance reflects similar attempts by the U.S. government to link financial aid with access to an eventual vaccine, a stance that French firm Sanofi first acquiesced to only to withdraw after facing backlash in its own country.