This is partly true. Many countries have no-fault vaccine injury compensation programs which protect manufacturers from certain types of liability. Previously, claimants would need to sue vaccine manufacturers and vaccine manufacturers would need to defend against lawsuits both legitimate and not. It was a costly system for all involved, and ultimately drives prices up, and pushes vaccine manufacturers out of the market.
Before VISP (Vaccine Injury Support Program) was established in Canada, there has never been a single successful vaccine injury case in Canadian courts (Source: https://munkschool.utoronto.ca/wp-content/uploads/2012/07/Keelan-Wilson_NoFaultVaccine_CPHS_2011.pdf)
No-fault vaccine injury compensation programs are therefore in the best interest of all parties.
The National Childhood Vaccine Injury Act (NCVIA) passed in 1986, creating a system that lowers risk for manufacturers while making it easier for those injured by vaccines to collect compensation..
The law created the VICP (Vaccine Injury Compensation Program) to compensate for vaccine injuries. It is funded through an excise tax on vaccines.
Under this system, vaccine manufacturers are not liable for vaccine injuries that are unavoidable, but they could still be held liable if they engage in specific conduct or fail to exercise due care.
The CICP (Countermeasures Injury Compensation Program) is a related program for countermeasures put in place during an emergency, such as a pandemic. Claims related to COVID-19 vaccines and other countermeasures (ie: treatments) are handled by CICP.
Note that there are currently far more claims listed in CICP in relation to treatments such as hydroxychloroquine than there are for COVID-19 vaccines.
VISP (Vaccine Injury Support Program) is responsible for compensating Canadians outside Québec for vaccine injuries. (For Québec, see Québec Vaccine Injury Compensation Program at https://www.quebec.ca/en/health/advice-and-prevention/vaccination/vaccine-injury-compensation-program/)
VISP was established effective December 8, 2020. (https://vaccineinjurysupport.ca)