Canada at the present time:
- $80\%$ of the population fully vaccinated,
- $160$ people newly hospitalized (Feb. 5, 2022) with Covid-19,
- $118$ of them fully vaccinated (i.e., $73.75\%$ fully vaccinated).
Using the notation
- $p$ = the percentage of the total population (of Canada) fully vaccinated,
- $h$ = the percentage of the people in hospital fully vaccinated,
I postulated that $\frac{h}{p}=1$ for $η=0$, where $η$ is the efficiency of vaccines, and got $$η=1-\frac{h}{p}=1-\frac{73.75\%}{80\%}=7.81\%.$$ (The above formula is empirical, and I do not have a proof for it.)
My formula can not be so wrong because it is self-evident that, had the vaccines had no effect (had they been just placebos), $80\%$ of the above newly hospitalized people would have been fully vaccinated. Since the actual percentage $73.75\%$ is quite close to this $80\%,$ the efficiency of the vaccines ought to be close to zero; you do not need a formula to see that.
UPDATE
I have rewritten the above more clearly by adapting the notation (and translation of my formula) introduced by @ryang in his answer below, in which he argued to the contrary that $$η=1-\frac{\frac{h}{1-h}}{\frac{p}{1-p}}=\frac{p-h}{p(1-h)}=30\%.$$ For clarity, using Mathcad, for $h\leq p$ (for which the efficiencies (or effectiveness) are nonnegative), I have represented $η(h,p)$ for both formulae:
