Rather, what do you mean by "work"? If people who pray feel more relaxed, then yes, it works for some people. So does meditation. So does reading a book, or watching a movie. Or playing cards, or talking with friends.
If by "effective" you mean that people who pray have a higher longevity, higher rate of being cured, etc. then no, it doesn't work. This type of prayer is usually called intercessory prayer.
Take for example http://www.ncbi.nlm.nih.gov/pubmed/16569567 .
> Intercessory prayer is widely believed to influence recovery from illness, but claims of benefits are not supported by well-controlled clinical trials. Prior studies have not addressed whether prayer itself or knowledge/certainty that prayer is being provided may influence outcome. We evaluated whether (1) receiving intercessory prayer or (2) being certain of receiving intercessory prayer was associated with uncomplicated recovery after coronary artery bypass graft (CABG) surgery. ...
> CONCLUSIONS: Intercessory prayer itself had no effect on complication-free recovery from CABG, but certainty of receiving intercessory prayer was associated with a higher incidence of complications.
Take for another example http://www.ncbi.nlm.nih.gov/pubmed/19370557 .
> OBJECTIVES: To review the effects of intercessory prayer as an additional intervention for people with health problems already receiving routine health care.
> AUTHORS' CONCLUSIONS: These findings are equivocal and, although some of the results of individual studies suggest a positive effect of intercessory prayer, the majority do not and the evidence does not support a recommendation either in favour or against the use of intercessory prayer. We are not convinced that further trials of this intervention should be undertaken and would prefer to see any resources available for such a trial used to investigate other questions in health care.