We provide novel evidence on how firms and patients respond to vaccine recommendations. In 2014, the Advisory Committee on Immunization Practices recommended that elderly adults receive the pneumococcal vaccine Prevnar 13. Using a difference‐in‐differences strategy, we first show that, following the recommendation, the manufacturer (Pfizer) increased direct‐to‐consumer advertising. We then document increased Prevnar 13–related information‐seeking behavior, and we show that targeted adults were more likely to have received a pneumococcal vaccine and were more connected to the health care system. Overall, the recommendation increased both Medicare Part B drug expenditures and Pfizer sales by approximately $1 billion annually, with little to no observable health benefits.

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疫苗建议对消费者和企业行为的影响

我们提供了关于公司和患者如何响应疫苗建议的新证据。2014 年，免疫实践咨询委员会建议老年人接种肺炎球菌疫苗 Prevnar 13。使用双重差异策略，我们首先表明，按照建议，制造商（辉瑞）增加了直接面向消费者的广告。然后，我们记录了与 Prevnar 13 相关的信息寻求行为的增加，并且我们发现目标成年人更有可能接种了肺炎球菌疫苗，并且与医疗保健系统的联系更加紧密。总体而言，该建议每年使 Medicare B 部分药物支出和辉瑞销售额增加约 10 亿美元，但几乎没有任何明显的健康益处。