Product Development Director - CarelonRx - PBM

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Anticipated End Date: 2026-06-19 Position Title: Product Development Director - CarelonRx - PBM Job Description: 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