Echinacea or cone flower

I bought this beautiful plant as it blooms in late summer, is the most glorious colour and because it is recommended for growing in dry areas which is exactly the spot it sits in now. The label says it is 'derived from the Greek word (echino), meaning "sea urchin," due to the spiny central disk. Well, I never knew that!
I did know that Echinacea is a herbal remedy said to help the common cold but as I've never tried it I'm not sure how effective it is.