Product Development Director - CarelonRx - PBM

Location: This role requires associates to be in-office 3 days per week, fostering collaboration and connectivity, while providing flexibility to support productivity and work-life balance. Alternate locations may be considered if candidates reside within a commuting distance from an office. Candidates not within a reasonable commuting distance from the posting location(s) will not be considered for employment, unless an accommodation is granted as required by law.

About the Role

This role leads the design and advancement of clinically driven PBM solutions across Commercial and government segments. Reporting into the Staff VP of CarelonRx Product Strategy, this leader is accountable for shaping product strategy, supporting P&L performance, and accelerating the delivery of innovative, market-responsive solutions. This leader partners closely with clients and cross-functional matrix teams to develop integrated, evidence-based clinical and utilization management (UM) product bundles that drive member value, competitive differentiation, and financial sustainability, while enabling faster speed-to-market and alignment across the enterprise.

Responsibilities

• Leads strategy and implementation of new or enhanced PBM products, including clinically driven solutions, UM programs, and integrated product bundles across Commercial and government segments.
• Partners with cross-functional leaders (Clinical, Actuarial, Trade Relations, Operations, IT, Sales, and Medical partners) to deliver aligned, enterprise-wide product strategies that meet both clinical and financial objectives.
• Drives product roadmap execution with a focus on accelerating speed-to-market, reducing product lifecycle timelines, and prioritizing high-impact, revenue-generating opportunities.
• Monitors specialty drug pipeline, biosimilars, emerging therapies, and market innovations to inform product strategy and identify opportunities for differentiation or gap closure.
• Evaluates current product portfolio performance, identifying opportunities to enhance, sunset, or expand offerings to improve adoption, utilization, and profitability.
• Ensures all products are compliant with regulatory directives, state/federal laws, and evolving PBM transparency requirements.
• Coordinates the communication, presentation, and implementation of all phases of product development, including go-to-market readiness and stakeholder alignment.
• Serves as a subject matter expert for clinical product capabilities, representing product strategy in client, partner, and executive-level discussions.
• Collaborates across matrix partners to break down silos and deliver integrated pharmacy and medical solutions, including supporting growth in ASO and integrated product offerings.
• Monitors competitive, regulatory, economic, and industry trends to proactively assess product impacts, risks, and opportunities.

Requirements

• Requires a BA/BS degree and a minimum of 5 years of related experience; or any combination of education and experience, which would provide an equivalent background.

Preferred Qualifications

• MBA or PharmD with a strong focus on healthcare strategy, pharmacy benefit management, or clinical program design.
• 5+ years of PBM product development, managed care pharmacy, or related experience with demonstrated ownership of product strategy, roadmap development, and P&L impact.
• Deep understanding of formulary management, P&T processes, specialty pharmacy economics, and utilization management strategies, including experience developing clinical product bundles.
• Proven ability to operate in a highly matrixed environment, partnering across clinical, trade, operations, IT, sales, and medical teams to deliver integrated product solutions.
• Strong strategic, analytical, and agile mindset with the ability to assess market trends, identify product gaps, and rapidly translate insights into actionable product strategies.
• Experience engaging with senior leadership and executive stakeholders as a product subject matter expert, with the ability to influence decisions, manage vendor relationships, and maintain a member-centric approach to product design.

Pay

For candidates working in person or virtually in Massachusetts or New York, the salary range for this specific position is $121,716 to $190,512. The salary offered is based on a number of legitimate, non-discriminatory factors set by the company.

Benefits

• Comprehensive benefits package, including medical, dental, vision, short and long-term disability benefits, and 401(k) with company match.
• Incentive and recognition programs.
• Equity stock purchase plan.
• Paid holidays and Paid Time Off (PTO).
• Life insurance, wellness programs, and financial education resources.

Schedule

This role operates under a Hybrid Workforce Strategy, requiring associates to work at an Elevance Health location at least once per week, and potentially several times per week. Specific requirements and expectations for time onsite will be discussed as part of the hiring process.