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Product Development Director - CarelonRx

Location: This role requires associates to be in-office3days 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, and are willing to work Eastern or Central Time Zone business hours.

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, unlessaccommodationis granted as required by law.

The Product Development Director is responsible for defining product portfolio strategy, driving product innovation, and providing director-level governance across the product operating model. This director partners with clients, executive stakeholders, and cross-functional matrix teams to translate business strategy into product portfolio priorities, guide Product Lifecycle Management (PLM) progression, ensure Product Council readiness, and deliver innovative product solutions that meet customer, market, regulatory, and business objectives across new and existing markets.

How You Will Make an Impact

Primary duties may include, but are not limited to:

• Define product portfolio vision, strategy, and priorities aligned with business objectives, market opportunities, and portfolio goals.

• Translate product strategy into actionable roadmaps, governance expectations, and Product Lifecycle Management (PLM) execution plans.

• Lead product development initiatives from concept through launch, ensuring alignment with strategic objectives, stakeholder expectations, and value realization goals.

• Drive Product Council readiness, PLM progression, launch planning, and governance activities to ensure timely execution and decision-making.

• Monitor product, financial, operational, and customer performance metrics to identify opportunities for optimization, growth, and innovation.

• Evaluate and refine product ideas by assessing strategic alignment, business value, customer impact, operational readiness, and portfolio fit.

• Lead Voice of Customer (VoC), market research, and competitive intelligence activities to inform product strategy and innovation efforts.

• Develop and guide go-to-market strategies, stakeholder communications, and launch readiness plans for new products and enhancements.

• Partner cross-functionally with Clinical, Finance, Legal, Compliance, Marketing, Sales, Account Management, IT, Data & Analytics, and Operations teams to deliver product solutions.

• Provide executive-level guidance on strategic tradeoffs, roadmap priorities, resource allocation, timing, and escalation decisions.

• Serve as a product leader and subject matter expert, influencing stakeholders and driving alignment across a complex matrixed organization.

• Escalate strategic decisions requiring Product Head, senior leadership, business unit, or executive leadership team alignment while balancing customer needs, market opportunities, readiness, timing, and business value.

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, & Experiences:

• Pharmacy Benefit Management (PBM), health plan, managed care, or healthcare product experience preferred.

• Experience with product portfolio strategy, roadmap governance, Product Lifecycle Management (PLM), Product Council readiness, launch governance, and value realization preferred.

• Experience leading cross-functional alignment across business, IT, Legal, Compliance, Operations, Product Platform, Finance/Actuary, and Marketing preferred.

• Strong executive communication, stakeholder management, strategic prioritization, governance, problem solving, and decision-making skills preferred.

• Experience developing financial models, requirements, roadmaps, and concept materials preferred.

• MBA or advanced degree in Business, Healthcare Administration, or a related field preferred.

For candidates working in person or virtually in the below location(s), the salary* range for this specific position is $116,424.00 to $182,574.00.

Locations: Illinois & New Jersey

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, paid time off, stock, 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. 

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