Peter Farrell knows an unmet medical need when he sees it.

He also knows how to turn that opportunity into a multibillion-dollar enterprise.

That enterprise is ResMed, a company specializing in treatment of sleep-disordered breathing, especially sleep apnea. In the 25 years since Farrell founded the San Diego company, ResMed has grown to a giant worth more than $6 billion.

For his record of accomplishment, Farrell has been awarded one of the San Diego business community’s highest honours. The Sydney native is to be inducted Wednesday into the Connect Entrepreneur Hall of Fame. About 320 people are expected to attend the sold-out luncheon.