A novel biomimetic method for the synthesis of a conducting molecular complex of polypyrrole and of Poly(3,4 ethylenedioxythiophene) (PEDOT) in the presence of a polyelectrolyte, such as polystyrene sulfonate (SPS) is presented. A poly(ethylene glycol) modified hematin (PEG-Hematin) was used to catalyze the polymerization of pyrrole and of 3,4 ethylenedioxythiophene in the presence of SPS to form a Polypyrrole/SPS and PEDOT/SPS complex. UV-vis, FTIR, electrical conductivity and TGA studies for all complexes indicate the presence of a thermally stable and electrically conductive form of these polymers. Furthermore the presence of SPS in this complex provides a unique combination of properties such as processability and water-solubility. Water-soluble polypyrrole opens new avenues for the fabrication of novel biosensors.