Tā kàndào biérén zhèyàng zhuànqián, yě xiǎng rúfǎpáozhì.
Seeing others make money that way, he wanted to follow the same recipe.
Tips
history
From the Qing novel 《镜花缘》 by Li Ruzhen: "即如法炮制,果然把阵破了" — they carried out the method and indeed broke the formation. 炮制 (páozhì) is the traditional Chinese-medicine term for processing herbs by roasting — hence "follow the recipe as prescribed."
mistakes
炮 here reads páo, not pào. It refers to medicinal roasting/processing, not cannons. A very common mistake among native speakers too.