Improved Vaccine Affordability and Availability Act

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) third party petitions; (3) jurisdiction to dismiss improperly brought claims; (4) vaccine-unrelated injury; (5) an increase in the award for pain and suffering in the case of a vaccine-related death; (6) the basis for calculating projected lost earnings; (7) compensation for family counseling and establishing guardianship expenses; (8) payment of interim costs; (9) procedures for paying attorney's fees; (10) extending the statute of limitations; (11) the composition and meeting schedule of the Advisory Committee on Childhood Vaccines; and (12) standards of responsibility and the definitions of manufacturer, vaccine-related injury or death, and vaccine.

Requires 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.