I'd like to evaluate
$$\prod_p\left(1-\frac1p\right)$$
over the $k$ largest previous primes $p\le n/2$, where $n$ is the parameter. E.g., if $n=20$ and $k=3$, I'd like the product to be over the 3 previous primes less than or equal to $20/2=10$: namely, $7,5,3$.
The code for the previous prime is
PreviousPrime[n_Integer] := Block[{i = n}, While[! PrimeQ[-i]]; i]
SetAttributes[PreviousPrime, Listable];
How can I take a product over $k$ previous primes?
You can use NextPrime to find previous primes too, so you don't need your PreviousPrime function.
To get your product, you can use
primeprod[n_, k_] := Product[1 - 1/i, {i, NextPrime[n/2, Range[-k, -1]]}]
Then
primeprod[20, 3]
(* 16/35 *)
You can also generalise it by adding the product function as an argument:
primeprod2[n_, k_, f_] := Product[f[i], {i, NextPrime[n/2, Range[-k, -1]]}]
In which case
primeprod2[20, 3, 1 - 1/# &]
(* 16/35 *)
One can of course use PrimePi[] + Prime[] instead:
primeprod[n_, k_, f_] :=
With[{p = PrimePi[n/2]}, Apply[Times, f[Prime[Range[p - k + 1, p]]]]]
primeprod[20, 3, 1 - 1/# &]
16/35