No he’s being a blowhard as usual, saying he’s doing things that he’s not. He can sign an executive order but that’s not going to do anything to get drug companies to give to their profits, because he has no direct legal power over them.
No they can’t just force drug companies to lower prices with a an executive order. Executive orders aren’t laws, they are orders to the parts of government that the President has power over. The president can order that agencies to look into ways of lowering costs, but Congress has to actually pass laws to legally limit prices.
Every country subsidizes their industries. The US automakers have gotten tens of billions in bailouts whenever they trip on their face, plus decades of tariffs against cars made outside the US so they play safe in their home market.