It is a good thing in many ways, however the way he's looking to implement it is, based on how he described it, idiotic.
He's probably wrong in how he described it or there's detail that he's just glossing over. Insisting the US has to get a price that matches the cheapest price globally would be a mess if it's not implemented with some subtle T&Cs.
Should countries in sub Saharan africa pay the same price as Americans for anti-retroviral drugs?
What if you have a bulk deal? Or special offers?
Is this for the federal government, medical orgs or any old person?
What about subsidaries?
What about supply chains, if I sell my drug to a global distributor, does that global distributor have to adhere to the laws? Do local distributors in the US?
There's a prohibition on the US government negotiating drug prices. That's clearly insane, anything that changes that would be a huge benefit to American taxpayers.
It's not communism, it's socialism, just standard price control. Happens in the US, rent control isn't unusual in US cities. Price gouging during natural disasters is outlawed in many states...