— Independent appraisal committee unanimously found that Covid-19 vaccination provides a net health benefit for many US subpopulations —

BOSTON, July 28, 2026 – The Institute for Clinical and Economic Review (ICER) today released a Final Evidence Report assessing the comparative clinical effectiveness and value of vaccines for protection against Covid-19, including: Comirnaty® (Pfizer, BioNTech), Spikevax® (Moderna), mNexspike® (Moderna), and Nuvaxovid® (Sanofi).

ICER examined the impact of Covid-19 vaccines and found that pregnant women, infants, and adults aged 65+ benefit most from vaccination. ICER’s report on this therapy was the subject of the June 2026 public meeting of the New England CEPAC, one of ICER’s three independent evidence appraisal committees. The New England CEPAC was aligned with ICER’s report findings.

Downloads: Final Evidence Report | Report-at-a-Glance | Policy Recommendations 

“The current confusion in the US around vaccine policy is challenging for both health care professionals and the American public,” said ICER’s President and CEO Sarah K. Emond, MPP.  “Policymakers, especially public health leaders, need reliable and unbiased assessments of how well therapies work for patients. For 20 years, ICER has delivered that through our evidence-based analyses and public meetings. This public meeting highlighted what we know about the current evidence on Covid-19 vaccines, and where there are opportunities to gain an even better understanding of how these vaccinations impact different subpopulations. Ultimately, ICER’s transparent and public process sheds light on the broader context that policymakers should consider when making recommendations about Covid-19 vaccines.”

ICER’s Public Meeting: Voting Results on Clinical Effectiveness and Benefits Beyond Health 

ICER assessed, and the independent appraisal committee voted on the evidence for the net health benefit of Covid-19 vaccines. Of note, the report and public meeting did not make any recommendations on who should be vaccinated.  That is the purview of clinical societies and public health officials. For the following populations, the appraisal council unanimously found that vaccination demonstrated a net health benefit when compared to no vaccination:

  • Pregnant women
  • Infants aged 6-12 months old
  • Children aged 1-2 years old
  • Adults 65+ years old
  • People under age 65 with chronic comorbidities (such as cardiovascular disease, cerebrovascular disease, pulmonary disease, or chronic kidney disease)

ICER’s Public Meeting: Voting Results on Long-Term Value for Money 

  • All panelists (13) found that at current pricing, Covid-19 vaccines represent “intermediate” (8) or “high” (5) long-term value for money.

At current vaccine prices, ranging from $73 to $177, Covid-19 vaccination for the 2026–2027 season would be cost effective for all US subpopulations.

Key Policy Recommendations 

ICER’s independent assessment of effectiveness and value informs the critical decisions that stakeholders across the US health system need to make around pricing and coverage. Following the voting session, a policy roundtable of experts — including clinical and subject matter experts, patient and consumer advocates, and representatives of US payers — convened to discuss the evidence in order to inform the ultimate recommendations that clinical societies, public health officials, and payers will be making about vaccination. Key themes stemming from the roundtable discussion include: 

  • Action is required in multiple spheres and by multiple parties to increase the likelihood that access to vaccines for Covid-19 will be equitable moving forward:
    • It is incumbent upon private payers to continue their public commitment to cover Covid-19 vaccines with zero cost sharing.

    • Manufacturers should continue to price vaccines in alignment with their value.

    • To maximize vaccination rates, providers must know, at the time they are interacting with a patient, that they will be paid for the vaccine and its administration
    • Research is needed in specific areas where we currently have inadequate information on the benefits, harms, and burdens of Covid-19 vaccination.
    • Research is needed on how best to counter misinformation and support individuals and groups in making informed decisions:
      • Even before the pandemic, there was growing skepticism in the US around vaccines and vaccination. It is imperative to approach this as a question amenable to research and understanding rather than as a political or social movement leading to anger and shaming.

    ICER’s detailed set of policy recommendations is available in the Final Evidence Report and in the standalone Policy Recommendations document. 

    About ICER 

    The Institute for Clinical and Economic Review (ICER) is an independent, non-profit research institute that conducts evidence-based reviews of health care interventions, including prescription drugs, other treatments, and diagnostic tests. In collaboration with patients, clinical experts, and other key stakeholders, ICER analyzes the available evidence on the benefits and risks of these interventions to measure their value and suggest fair prices. ICER also regularly reports on the barriers to care for patients and recommends solutions to ensure fair access to prescription drugs. For more information about ICER, please visit www.icer.org.