The Royal College of Surgeons in Ireland (RCSI) has decided to set up a school of pharmacy, in competition with the existing provider, Trinity College, and UCC, which has plans to set up its own school.
The RCSI lost to UCC in a public competition last year for a new State-funded school. But as an independent college it is allowed to set up its own school.
The number of pharmacists would increase greatly as a result.
The RCSI school will accept its first 50 students in October at its campus near St Stephen's Green.
They will take a four-year course leading to a BSc in pharmacy.
Prof John Kelly, director of the new school, said the Republic was exporting 100 students interested in pharmacy abroad, mainly to Britain.
He said the new school should be able to encourage at least some of them to remain at home.
Most courses at the college require students to pay large fees. However, a spokeswoman for the RCSI said it was discussing fees for this course with the Higher Education Authority and could not comment further at this stage.
The new course has been accredited by the Pharmaceutical Society of Ireland.
It is also obtaining recognition from the National University of Ireland.
The college said the course would place particular emphasis on new teaching methods, including the use of information technology.
Students would be given the opportunity to study alongside those doing medicine, nursing and physiotherapy.
Prof Kelly said: "In common with the underlying philosophy of the RCSI, the new school will allocate places for school-leavers, mature students, whom the college particularly encourages, and overseas students."
Yesterday, more than 400 second-level students visited the RCSI's open day where those who want a career in pharmacy, medicine, physiotherapy and nursing learn about life as a student.