No. A study has been done on oral Hylarounic Acid and it has disproved any positive effects of the stuff - it actually does nothing. Glucosamine and PSGAGs are also indigestible by the equine stomach.
Your only other options are IM injections of Adequan (about $800 for 7 doses - if you administer it) and IV injections of Legend (About $100-$200 per injection, vet administered). There are many generics which I and others here have used which cut the price, but their effectiveness is less than the brand name. If the horse really becomes degenerative, IJ injections may be necessary.
Horses are expensive. If you want a cheap horse, go buy a plastic one.