Vaccine Compensation bill

Improved Vaccine Affordability and Availability Act - Amends the Public Health Service Act to authorize additional appropriations for grants to States to increase influenza immunization rates in high risk populations, including medically underserved adults and adolescents, and extend vaccine availability.

Requires the Secretary of Health and Human Services to provide for a program of research, demonstration projects, and education to ensure that immunizations are routinely offered to adults and adolescents by public and private health care providers. Requires such program to collect data on adverse impacts associated with immunizations.

Directs the Secretary to: (1) develop and disseminate information concerning certain diseases and their vaccines, including bacterial meningitis and hepatitis A and B; and (2) maintain a 6 months supply of prioritized vaccines.

Revises provisions governing the National Vaccine Injury Compensation Program, including provisions regarding: (1) equitable relief; (2) derivative petitions; and (3) an extension of the statute of limitations.

Amends Internal Revenue Code provisions concerning the Vaccine Injury Compensation Trust Fund, including to expand compensated loss for injury or death to include related loss.

Amends the Public Health Service Act to require the Secretary to contract with the Institute of Medicine of the National Academy of Science to conduct an ongoing, comprehensive review of new scientific data on childhood vaccines.