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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. This approach combines structured office engagement with the autonomy of virtual work, promoting a dynamic and adaptable workplace. Alternate locations may be considered if candidates reside within a commuting distance from an office.

Please note that per our policy on hybrid/virtual work, 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.

The Product Development Director 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 role 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.

How you will make an impact:

• 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.

Minimum 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 Skills, Capabilities, and Experience:

• MBA or PharmD with a strong focus on healthcare strategy, pharmacy benefit management, or clinical program design preferred.

• 5+ years of PBM product development, managed care pharmacy, or related experience with demonstrated ownership of product strategy, roadmap development, and P&L impact preferred.

• Deep understanding of formulary management, P&T processes, specialty pharmacy economics, and utilization management strategies, including experience developing clinical product bundles preferred.

• Proven ability to operate in a highly matrixed environment, partnering across clinical, trade, operations, IT, sales, and medical teams to deliver integrated product solutions preferred.

• Strong strategic, analytical, and agile mindset with the ability to assess market trends, identify product gaps, and rapidly translate insights into actionable product strategies preferred.

• 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 preferred.

For candidates working in person or virtually in the below location(s), the salary* range for this specific position is $121,716 to $190,512

Locations:Massachusetts; New York

In addition to your salary, Elevance Health offers benefits such as, a comprehensive benefits package, incentive and recognition programs, equity stock purchase and 401k contribution (all benefits are subject to eligibility requirements). The salary offered for this specific position is based on a number of legitimate, non-discriminatory factors set by the company. The company is fully committed to ensuring equal pay opportunities for equal work regardless of gender, race, or any other category protected by federal, state, and local pay equity laws.

* The salary range is the range Elevance Health in good faith believes is the range of possible compensation for this role at the time of this posting. This range may be modified in the future and actual compensation may vary from posting based on geographic location, work experience, education and/or skill level. Even within the range, the actual compensation will vary depending on the above factors as well as market/business considerations. No amount is considered to be wages or compensation until such amount is earned, vested, and determinable under the terms and conditions of the applicable policies and plans. The amount and availability of any bonus, commission, benefits, or any other form of compensation and benefits that are allocable to a particular employee remains in the Company's sole discretion unless and until paid and may be modified at the Company's sole discretion, consistent with the law.

Please be advised that Elevance Health only accepts resumes for compensation from agencies that have a signed agreement with Elevance Health. Any unsolicited resumes, including those submitted to hiring managers, are deemed to be the property of Elevance Health.

Who We Are

Elevance Health is a health company dedicated to improving lives and communities - and making healthcare simpler. We are a Fortune 25 company with a longstanding history in the healthcare industry, looking for leaders at all levels of the organization who are passionate about making an impact on our members and the communities we serve.

How We Work

At Elevance Health, we are creating a culture that is designed to advance our strategy but will also lead to personal and professional growth for our associates. Our values and behaviors are the root of our culture. They are how we achieve our strategy, power our business outcomes and drive our shared success - for our consumers, our associates, our communities and our business.

We offer a range of market-competitive total rewards that include merit increases, paid holidays, Paid Time Off, and incentive bonus programs (unless covered by a collective bargaining agreement), medical, dental, vision, short and long term disability benefits, 401(k) +match, stock purchase plan, life insurance, wellness programs and financial education resources, to name a few.

Elevance Health operates in a Hybrid Workforce Strategy. Unless specified as primarily virtual by the hiring manager, associates are required 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.

The health of our associates and communities is a top priority for Elevance Health. We require all new candidates in certain patient/member-facing roles to become vaccinated against COVID-19 and Influenza. If you are not vaccinated, your offer will be rescinded unless you provide an acceptable explanation. Elevance Health will also follow all relevant federal, state and local laws.

Elevance Health is an Equal Employment Opportunity employer and all qualified applicants will receive consideration for employment without regard to age, citizenship status, color, creed, disability, ethnicity, genetic information, gender (including gender identity and gender expression), marital status, national origin, race, religion, sex, sexual orientation, veteran status or any other status or condition protected by applicable federal, state, or local laws. Applicants who require accommodation to participate in the job application process may contact elevancehealthjobssupport@elevancehealth.com for assistance.

Qualified applicants with arrest or conviction records will be considered for employment in accordance with all federal, state, and local laws, including, but not limited to, the Los Angeles County Fair Chance Ordinance and the California Fair Chance Act.

Prospective employees required to be screened under Florida law should review the education and awareness resources at HB531 | Florida Agency for Health Care Administration.