Problem statement: I think the intended problem statement is the following.
Let $p_k$ denote the $k$-th prime congruent to $-1$ mod $4$, i.e. the $k$-th prime of the form $4n + 3$ for some $n$. Show that for all $k \ge 1$,
$$
p_{k+1} \le 4 p_1 p_2 \cdots p_k - 1.
$$
Solution: the integer $n(k) = 4 p_1 p_2 \cdots p_k - 1$ is not divisible by $p_j$ for $1 \le j \le k$, and is congruent to $-1$ mod $4$. Now we have to use that every integer congruent to $-1$ mod $4$ must have at least one prime factor congruent to $-1$ mod $4$. Let $p$ be a prime factor of $n(k)$ that is congruent to $-1$ mod $4$. Then $p \le n(k)$ and $p$ is not equal to any of $p_1, \dots, p_k$. It follows that $p_{k+1} \le p \le n(k)$.