A vial adapter suitable for use in transferring fluid from a vial to a needleless syringe, the vial having a top end sealed with a septum. According to one embodiment, the vial adapter comprises (a) a body, the body having a top end, a bottom end and an inner cavity, the inner cavity being dimensioned to receive the vial, with the bottom end of the body extending below the bottom end of the vial; (b) a needle-bearing member mounted within the body, the needle-bearing member comprising a hollow needle extending downwardly into the inner cavity of the body for puncturing the septum of a vial disposed in the inner cavity; (c) a luer-lock-bearing member mounted on the top end of the body, the luer-lock-bearing member comprising a top portion and a bottom portion separated by a radial wall, the top portion being a female luer-lock, the bottom portion including a tubular structure in fluid communication with the hollow needle; and (d) a valve disposed within the luer-lock-bearing member for controlling fluid flow from the bottom portion to the top portion, the valve being opened by attachment of the needleless syringe to the vial adapter.