That's a bacterial infection, and should be treated immediately. Pop-eye can lead to more extensive exterior and interior bacterial infections, and eventually death. There are plenty of meds for bacterial infections... just do a google search. You can get at least Maracyn (by Mardel) at pretty much any LFS. You chould also be able to get Myacin (by Aquatronics), though this is a slightly less-well-known brand.
But yes, you do have to remove him to a QT tank, as any meds will kill off the *beneficial* denitrifying bacteria in your tank quickly.