Is it fair for one item to completely counter a champion?

All champions can be at least slightly countered by items, but some champions are basically useless if the enemy team buys one certain item. Some examples would be, Vlad{{champion:8}} gets crap for healing, which is what his whole kit and theme is evolved around, if the enemy laner just gets {{item:3123}} executioner's calling, for mages its not as bad because {{item:3165}} only reduces healing to champions below 35% health. But for people like swain, vladimir, Aatox (R.I.P), soraka, sona, and mundo they get pretty much screwed from an 800 gold item, not as much for soraka and sona since they are healing for other people, but anyone who relies on healing themself through an ability is countered by an 800 gold item, doesn't seem to fair in my opinion. Maybe if Executioner's calling only applied grievous wounds to champion below 40% health would be more balanced, and more similar how it works for {{item:3165}} Do you think the passive for {{item:3123}} executioner's calling is a bit to strong against some champions? If you are not familiar with executioner's calling here is it stats below Build path, long sword + 450 gold = executioner's calling 15 attack dmg passive- UNIQUE – EXECUTIONER: Physical damage inflicts Grievous Wounds on enemy champions for 3 seconds
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