Principal, Payer & Risk Bearer Strategy and Stakeholder Intelligence

McKesson is an impact-driven, Fortune 10 company that touches virtually every aspect of healthcare. We are known for delivering insights, products, and services that make quality care more accessible and affordable. Here, we focus on the health, happiness, and well-being of you and those we serve – we care.

What you do at McKesson matters. We foster a culture where you can grow, make an impact, and are empowered to bring new ideas. Together, we thrive as we shape the future of health for patients, our communities, and our people. If you want to be part of tomorrow's health today, we want to hear from you.

McKesson's Corporate Strategy and Business Development team is seeking a Principal to join its Payer & Risk Bearer Strategy and Stakeholder Intelligence team. McKesson provides services that create value for Patients, Pharmacies, Providers, BioPharma Manufacturers, and Plan Sponsors (Payers, PBMs, Employers, and Government Agencies). As the healthcare market undergoes fundamental shifts—including PBM reform, the expansion of value-based care, evolving government payment models, and the rapid growth of the CMS Health Tech Ecosystem—this role will be responsible for identifying and evaluating new ways McKesson can create differentiated value for payers, PBMs, government agencies, and other risk-bearing entities.

In this challenging and highly visible role, the Principal will directly advance the SVP's three strategic objectives: (1) Thought Leadership on payer and risk bearer market dynamics, (2) Articulation of McKesson's Future Payer Value Proposition, and (3) Informing McKesson Strategy and Solution Development across business units.

This role is a senior individual contributor position with a strong expectation of hands-on analytical ownership. The Principal is accountable for personally leading and executing the most complex, ambiguous strategic analyses facing the Payer & Risk Bearer Strategy team, where problems are ill-defined, data is incomplete or fragmented across business units, and established playbooks do not exist.

The Principal will evaluate opportunities to partner with or acquire emerging players from the CMS Health Tech Ecosystem, support BU- and corporate-level strategic decision-making through market analysis, emerging industry trend identification, portfolio analysis, and assessment of strategic needs that arise from payer, PBM, government agency, or other plan sponsor industry shifts. This role will provide leadership, insight, and consultation in the design, development, and implementation of strategic initiatives that advance McKesson's objective to Advance Health Outcomes for All. While influencing senior leaders across the enterprise, the Principal remains directly responsible for the rigor, quality, and synthesis of analysis that underpins strategic recommendations, investment theses, and partnership decisions.

Successful candidates will have experience "in the business" of health tech ecosystem solutions that create value for payers and healthcare stakeholders, with a strong network of relevant industry relationships. Candidates must articulate the value drivers of payers, PBMs, and plan sponsors, and the characteristics of successful players positioned to win in the long term. Ideal candidates are self-starters, self-directed, and motivated to make contact with potential partners and advance relationships aggressively. The role reports to the Senior Vice President, Payer & Risk Bearer Strategy.

To meet business objectives and expectations, the Principal must:

• Serve as a strategic thought partner and principal analytical lead to the SVP and senior leaders on payer, PBM, government agency, and risk bearer market dynamics, regulatory shifts, and competitive positioning
• Identify, scope, and evaluate partnership, acquisition, and investment opportunities within the CMS Health Tech Ecosystem, including framing diligence questions, leading analyses, and synthesizing findings into recommendations that align with McKesson's strategic priorities
• Develop decision-ready analyses, structured hypotheses, and executive-grade recommendations that drive conviction among McKesson's senior leadership, ultimately showcasing financial value to the business and their customers
• Drive process innovation by building scalable playbooks and best practices for opportunity evaluation, stakeholder engagement, and strategic intelligence, informed by direct execution experience.

Demonstrate proficiency in AI, automation, and emerging technologies to elevate the quality and efficiency of strategic work and enable faster, more informed decision-making

Key Responsibilities:

Thought Leadership & Market Intelligence – Develop and demonstrate deep expertise on trends impacting the payer market, including PBM reform, the shift to value-based care, evolution of government payment models, and risk bearers' data utilization behaviors. Maintain a contemporary view of key payer and health tech ecosystem innovators in the context of McKesson's strategy. Form and lead knowledge-sharing forums across the company focused on risk bearers to speed better-informed decision-making and elevate the enterprise's understanding of market dynamics, opportunities, and risks.

Payer Value Proposition Development – Drive an aligned point of view on the near- and long-term role McKesson's business units and enterprise could and should play in enabling payers and participating in value-based care. Identify and prioritize new ways McKesson can create value for payers, PBMs, government agencies, employers, and other risk bearers as the market changes. Define and prioritize capability roadmap options (build/buy/partner) and contribute to shaping a holistic, long-range enterprise payer and digital health strategy.

CMS Health Tech Ecosystem Evaluation & Business Development – Identify, evaluate, and advance partnership, acquisition, and investment opportunities among participants in the CMS Health Tech Ecosystem and adjacent digital health players. Maintain an ongoing pipeline of targets, develop business cases, market sizing analyses, and financial models to assess viability and strategic fit, and manage stakeholder relationships through the evaluation process. Assess opportunities that address populations that are indigent, use cash pay, are insured or underinsured, and that address social determinants of health.

Inform McKesson Strategy & Solution Development – Partner with Business Unit teams (CSI, CMM, USON, Ontada, HealthMart) to support the exploration and execution of initiatives involving benefit carveouts (e.g., GLP-1s, weight loss), alternative PBM models, and value-based care contracting. Advise the McKesson Benefits team on payer/PBM market landscape, strategy, and offerings of key players, including support for PBM consultant selection, RFP development, and PBM/Payer selection decisions. Support McKesson Canada on the emergence of health plans and PBMs in Canada.

Strategic Project Leadership – Identify, scope, and manage strategic projects end-to-end; maintain responsibility for deliverables and timelines, shifting priorities as needed. Facilitate business problem-solving through establishing strategic context, developing structured hypotheses, performing detailed analyses, synthesizing insights, and aligning execution plans that lead to recommendations to senior management.

Stakeholder Engagement & Executive Communication – Build trust and productive relationships with team members and stakeholders across the organization. Influence and gain stakeholder acceptance and conviction around ideas through effective communication, relevant and insightful analyses, and creative thinking. Prepare and deliver clear, persuasive executive presentations, investment memos, and strategic recommendations for senior leadership, ensuring analytical rigor, clarity of narrative, and defensible conclusions. Additionally, act as thought partner in strategic discussions outside of own projects.

Team Leadership – Capacity to manage direct or indirect (business unit) reports as needs arise, including mentoring junior team members and developing talent within the Payer & Risk Bearer Strategy function.

Minimum Job Qualifications (Knowledge, Skills, & Abilities):

• 8+ years of experience in corporate strategy, business development, product development, or equivalent experience in payer/PBM/plan sponsor services
• Demonstrated ability to lead complex, cross-functional strategic initiatives from concept through execution
• Track record of identifying, evaluating, and advancing partnership, acquisition, or investment opportunities
• Attention to detail is crucial for ensuring the accuracy of all data, models, and reports
• Excellent written and verbal communication skills with proven ability to present to and influence senior executives
• Ability to work in a fast-paced environment, manage multiple priorities, and navigate ambiguity with confidence
• Familiarity with data visualization tools and database querying languages (Tableau, Power BI, SQL, etc.)

Critical Skills

• Strong, Relevant Network: Well-versed and well-connected among payers, PBMs, government agencies, and up-and-coming digital health and health tech ecosystem players, with the ability to identify characteristics that drive sustaining growth in these companies
• Strategic Thinking: Set strategic context based on industry trends; evaluate patterns emerging in the payer, PBM, and risk bearer markets (including markets adjacent to McKesson's core business); develop long-term implications and recommend pragmatic strategies for new business opportunities
• Analytical Rigor: Bring structure to ill-defined problems and intellectual leadership to problem-solving; synthesize insights from analysis and ensure credible, actionable recommendations
• Financial Acumen: Understanding of financial modeling and experience with financial planning, budgeting, and capital allocation in the context of strategic planning to maximize shareholder value; ability to develop sophisticated business cases and scenario analyses
• Communication Skills: Ability to develop rapport and credibility across the organization, and use that rapport to drive conviction among the CEO, President, and key executive leaders that a given strategy, partnership, or initiative merits investment
• Business Acumen: Deep understanding of payer/PBM economics, value-based care models, drug pricing and distribution dynamics, regulatory impacts on coverage and reimbursement, and how different business functions create value across the healthcare ecosystem
• Technology & Innovation Orientation: Proficiency in AI, automation, and emerging technologies to elevate the quality and efficiency of strategic work; ability to evaluate health tech solutions and digital health platforms

Education

• 4-year Bachelor's degree in Business, Finance, Health Administration, Economics, or related field, or equivalent experience
• MBA or equivalent strongly preferred

Physical Requirements / Working Conditions

• General office demands
• Potential for up to 40% travel

Must be authorized to work in the US. Sponsorship is not available for this position.

We are proud to offer a competitive compensation package at McKesson as part of our Total Rewards. This is determined by several factors, including performance, experience and skills, equity, regular job market evaluations, and geographical markets. The pay range shown below is aligned with McKesson's pay philosophy, and pay will always be compliant with any applicable regulations. In addition to base pay, other compensation, such as an annual bonus or long-term incentive opportunities may be offered. For more information regarding benefits at McKesson, please

Our Base Pay Range for this position

$189,800 - $316,400

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