Whether they should or shouldn't direct-to-consumer medical ads are here to stay, I'm afraid.
My experience, as a physician, with this sort of thing is that it doesn't really create much in terms of hypochondriacs; it's the INTERNET that does that. (That is not a joke, either.) It does create demand for drugs, sometimes inappropriately, but since the prescription has to come from a licensed independent medical practitioner, if it's not needed, it'll probably not get written.
The good side to it is that people are made aware of alternative treatments, and made aware of treatments for previously untreatable conditions. With the speed with which medicine is changing, now, keeping up is an appallingly difficult task, and if you don't have much contact with the representatives of the pharmaceutical firms out there (and increasingly large numbers of physicians refuse to see them these days), it can be a major challenge to know what's been recently released.
Personally, I don't care for it, but it is not without its benefits to the patient and the physician both. And its harm.
MD in practice for over two decades