He is one of 11 business and philanthropic leaders recognized for overcoming adversity and demonstrating a commitment to higher education.
Key takeaways:
- Peter Craig Farrell, PhD, DSc, founder of Resmed, will receive the 2026 Horatio Alger Award.
- The award honors individuals who have achieved success despite significant challenges and support higher education.
- Farrell founded ResMed in 1989 and established the Farrell Family Foundation in 2001.
- He will be inducted in Washington, DC, this April alongside 10 other honorees.
The Horatio Alger Association of Distinguished Americans, Inc, a nonprofit educational organization, announced that Peter Craig Farrell, PhD, DSc, founder of Resmed, Inc, has been selected to receive the 2026 Horatio Alger Award.
Farrell joins a class of 11 honorees, including leaders from various industries, who will be inducted as lifetime members. The award, presented for the last 79 years, recognizes individuals who have achieved success despite facing significant challenges and who demonstrate a commitment to philanthropy and higher education.
Born in Sydney, Australia, to a family of modest means, Farrell pursued chemical engineering, earning degrees from Sydney University, MIT, the University of Washington, Seattle, and the University of New South Wales. In 1989, he founded Resmed, which developed into a global provider of cloud-connected medical devices for sleep apnea and respiratory conditions.
“My career in healthcare and technology has been a journey defined by curiosity, persistence, and a drive to solve real problems,” say Farrell in a release. “Receiving the Horatio Alger Award is a tremendous honor because it recognizes the same values that guide my work: facing challenges head-on, pursuing opportunities with purpose, and using knowledge and experience to help others. It is a privilege to join the Horatio Alger Association and the important mission of helping young people overcome life’s challenges to pursue their dreams.”
Beyond his work in the sleep technology sector, Farrell established the Farrell Family Foundation in 2001. The foundation supports community initiatives, health-related causes, and education, focusing on technology and underserved populations. He also serves on multiple boards, including Arcturus Therapeutics and Wave Guide, and acts as a trustee of Scripps Research Institute.
Farrell was nominated for the award by Don R. Daseke, a 2018 recipient.
“Peter Farrell exemplifies what the Horatio Alger Award stands for: a relentless pursuit of knowledge and innovation, and a commitment to improving the lives of those around us,” says Daseke, founder and chairman emeritus of Daseke, Inc, in a release. “Peter’s journey from humble beginnings to building a global healthcare enterprise inspires young people striving to change their circumstances and make an impact on the world.”
Farrell and the Class of 2026 will be formally inducted during ceremonies in Washington, DC, in April. The event coincides with the National Scholars Conference, allowing scholarship recipients to interact with association members. In 2026, the association has budgeted to award $19 million in need-based scholarships.
The other individuals who will be honored this year are:
• Maria S. Bartiromo, anchor and global markets editor for FOX Business Network
• Thaddeus Michael Bullard, president of Bullard Family Foundation
• Richard Childress, chairman and CEO of Richard Childress Racing
• Eileen Collins, retired U.S. Air Force Colonel and former space shuttle commander at NASA
• Cordia Harrington, founder of Crown Bakeries
• Imran Khan, founder and chief investment officer of Proem Advisors
• Byron Roth, executive chairman of Roth Capital Partners
• William W. Rowley, chairman and founder of Healthnetwork Foundation
• Robert E. Segert, chairman and CEO of athenahealth
• Douglas S. Witcher, chairman of the board of Smart Choice
“For 79 years, the Horatio Alger Association has recognized individuals who are living embodiments of the American Dream. In addition to setting an example for the next generation of young leaders across the nation, members commit to support students who seek to better their challenging circumstances through education,” says Barbara M. Barrett, president of the Horatio Alger Association and 1999 Horatio Alger Award recipient, in a release. “The 11 Horatio Alger Award recipients who will be inducted this year are among the best America has to offer. We are proud to honor them and look forward to the impact they will make.”
