The Hong Kong University of Science and Technology (HKUST) on Tuesday vowed to cultivate medical pioneers as the institution expressed its "deepest gratitude" at being selected to run the city's third medical school.

Council chairman Harry Shum said the university was "profoundly honoured" to be recognised as a partner in the government's forward-looking strategy to foster healthcare innovation and medical talent.

"HKUST is fully committed to fulfilling this vision by cultivating a new generation of medical pioneers who will lead with clinical excellence and technological mastery, bringing lasting benefits to Hong Kong and beyond," he said in a statement.

The unsuccessful candidates – Polytechnic University and Baptist University – said they respected the government's decision, with the former's council chair, Lam Tai-fai, thanking the institution's team for its hard work.

Baptist University said it would strive to develop the SAR into an international health and medical innovation hub while promoting Chinese medicine.

The Hospital Authority, for its part, pledged to offer "sufficient support to the clinical training and research at medical schools of all local universities".

The city's two existing medical schools are run by the University of Hong Kong and Chinese University, and think tank Our Hong Kong Foundation said the new institution should be positioned differently.

"The idea of strengthening medical research is very important... We want people who are a little bit more research-minded as well, not just those who are yearning to enter the medical profession," said Victor Kwok, the foundation's deputy research director.

"We also want people who are willing to contribute to developing new medicines, therapeutic solutions, or even people with a more commercial mindset to work with companies at large."