Asking vaccine companies to accept liability for their vaccines is basically asking them to make a bet that their vaccines are safe or to let an insurance company make a bet that they are safe.
Isn't it actually asking them to trust that juries and judges will rule that vaccines are safe, and not award outsize damages in cases where they are potentially wrong about that? That's a different question from whether the vaccines are actually safe or not.
I don't think the legal system is particularly good at evaluating vaccine safety or efficacy, and there are well-known problems with jury awards.
So a better question is: is the legal system reliable enough that we can outsource evaluation of safety on technical questions to it, and rely on juries to award damages fairly? And the answer to those questions is pretty clearly no.
I'd like to register how WEIRD this is as regards my previous model of the world. The existence of protection from liability was a known fact, but the INexistence of obligations for basic placebo tests wasn't.
I'd also like to register how much this looks to me like an inadequate equilibrium and how little chance it seems to me there would be of a competent society choosing to create a system where products are produced by companies with such low demands of validating tests, under oversight by government agencies funded by their contributions and whose personnel is regularly the same as theirs, give or take a few years of career, and then administered to a population who are regularly under legal obligations to use these products and who are legally prohibited from seeking reparations from damages incurred if said products end up being unsafe.
I'd finally like to register the fact that neither of the other two comments currently posted seem to have had such red alarm bells pop up in their mental processes or did not even notice when said alarm bells rang. I understand seeking reasons for the current equilibrium, but I'd like to think you start off by noticing it seems broken rather than searching for reasons to rationalize it. Of course, it may simply be that nothing said in the post was news to the other responders.
I'd still like to ask, "would you agree that, at the very least, this seems like a very broken system, even if there may exist very good reasons why it is broken in such ways?"
I don't think the modern world's liability system works well enough for this. More importantly, I don't think the cost-benefit of when and how to release medicines matches the revenue-risk of sales and liability well enough for this to be a useful incentive scheme.
Vaccines, even for non-pandemic serious diseases are literally life-changing. The calculus of any individual, or a population, reducing the risk of any major viral disease (pick any one - tetanus, shingles, hepatitus, HPV, even seasonal flu) in exchange for some risk of side effects is NOT something that maps cleanly to corporate liability. It does map pretty cleanly to doctors and patients (and governments, in case of attending public schools) publishing information and making the best decisions they can.
That's pretty close to just legislating that "vaccines are unavoidably unsafe". I wish more things were acknowledged to be so - the attempt at 100% safety at any cost is extremely harmful to the world. Driverless cars are another example where the bar should be closer to "safer than humans on average" than "safe".
Some sort of aggregated liability for fraudulent claims about the impact (effectiveness or frequency/severity of side-effects) is absolutely necessary, and already exists - that's a crime, and breaks the immunity. Likewise very severe regulatory penalties for manufacturing process failures.
BTW, I object to the framing "if it's X, then why not accept unlimited liability"? "If you've not committed a crime, you shouldn't need to keep secrets from the state" is the same form, and it's bullshit.
I listened to a few interviews from RFK jr. One story that he tells is that during the Trump administration he sat in a meeting with Fauci and claimed "The vaccines we use didn't go through placebo-blind trials". In RFK recounting Fauci claimed that the vaccine were placebo tested and promised to send Fauci studies showing so.
It turns out, that they frequently are not placebo tested and RFK was right with that claim. When looking at the claim at skeptics.stackexchange, the establishment answer is basically "Running placebo-blind trials would be unethical and we know that the vaccine are safe". The question whether or not you really need placebo blind trials is complex and not easy to answer.
Factual issues like that seems complex enough that Peter Hotez and other people in the field are afraid of actually debating RFK on the issues.
One point RFK makes for both nuclear energy and for vaccines is that if those technologies are completely safe, then the companies that deploy them should have no problem with being liable for negative consequences and buy insurance policies to shield themselves from the risk. There would be no need for the government to have laws that limit the liability.
Asking vaccine companies to accept liability for their vaccines is basically asking them to make a bet that their vaccines are safe or to let an insurance company make a bet that they are safe.
If someone would want to increase trust in vaccines, a good step would be to write a law that says: "Because of the advance in vaccine technology, the 1986 vaccine act that declared vaccines unavoidably unsafe is outdated, and from now on vaccine producers are responsible for significant side-effect resulting from vaccines."