What are the responsibilities and job description for the Director, Pharmacy Practice position at The MJ Companies?
About The Job
The Director, Pharmacy Practice (Magniphy) is responsible for providing strategic consulting and insights related to pharmacy benefits management (PBM), cost containment, and clinical strategies. This role involves vendor negotiations, contract management, data analysis, and client consulting to drive cost-effective plan designs and optimize pharmacy benefits strategies. The Director will also leverage the Magniphy consulting model to deliver a structured, data-driven, and outcomes-focused approach to pharmacy strategy, ensuring clients receive innovative, tailored solutions aligned with their business goals.
Essential Functions
Consultation & Subject Matter Expertise
The Director, Pharmacy Practice (Magniphy) is responsible for providing strategic consulting and insights related to pharmacy benefits management (PBM), cost containment, and clinical strategies. This role involves vendor negotiations, contract management, data analysis, and client consulting to drive cost-effective plan designs and optimize pharmacy benefits strategies. The Director will also leverage the Magniphy consulting model to deliver a structured, data-driven, and outcomes-focused approach to pharmacy strategy, ensuring clients receive innovative, tailored solutions aligned with their business goals.
Essential Functions
Consultation & Subject Matter Expertise
- Provide insights to clients on pharmacy trends, cost containment, and clinical strategies.
- Consult clients on cost-effective plan designs and clinical solutions.
- Serve as a resource to internal teams on pharmacy and PBM-related questions.
- Use data analytics to forecast trends and create cost-avoidance solutions.
- Provide technical review and analysis of PBM data, contracts, RFPs, and financial arrangements.
- Design and deliver pharmacy benefit client solutions and plan designs.
- Lead PBM strategies, including procurement, contract negotiation, and vendor management.
- Track and measure vendor contract performance, including operational and financial metrics.
- Maintain relationships with PBM vendors and ensure performance alignment with client goals.
- Conduct reviews of PBM performance (financial and operational).
- Develop and implement customized strategic plans based on unique client needs.
- Ensure compliance with industry regulations and best practices for cost management.
- Identify cost containment opportunities and implement innovative strategies for clients.
- Align pharmacy benefits strategy with broader healthcare goals.
- Manage and continuously refine the Magniphy Scorecard and Strategy Playbook to support the Client Experience and Consulting Team in delivering consistent, high-impact solutions
- Lead and participate in ongoing client meetings, including vendor review meetings and independent strategy and performance assessment meetings.
- Act as a trusted advisor by providing tailored pharmacy benefit insights and solutions to clients.
- Educate clients and internal teams on industry trends, PBM market developments, and best practices.
- Train internal consulting teams on pharmacy fundamentals to enhance cross-functional understanding and improve client delivery.
- Bachelor’s degree in Healthcare Administration, Business, or a related field.
- Advanced degree Pharmacy or PharmD preferred.
- Minimum of 5-7 years of experience in PBM, specialty pharmacy, or managed care environments.
- Strong knowledge of PBM pricing, contract language, financial modeling, and industry regulations.
- Experience with pharmacy benefit plan design and cost savings strategies.
- Proficiency in analyzing pharmacy claims data and conducting RFP evaluations.
- Excellent verbal and written communication skills, including client presentations and stakeholder engagement.
- Demonstrated ability to manage multiple projects in a deadline-driven environment.
