Granulex helps healing by dissolving necrotic tissue, allowing healthy tissue to grow in it's place. We used it on our dog after he tangled with a bobcat (and lost). It really worked wonders on the horribly infected wounds he had. Works the same way on a horse.
My filly, Rain, stuck her foot somewhere it didn't belong and had a really deep scratch/gouge just above her front hoof. Daughter was in tears, ready to load her up and rush her to the vet. I stopped by TSC on my way home and picked up some Underwoods and said we'd try that and if it didn't look like it was healing well after a couple of days, we'd take her to the vet. There was nothing to stitch, so waiting wouldn't hurt. After a couple of days, it was obvious that she was healing, even though her leg was a bit swollen. Within a couple of weeks, Rain was nearly completely healed. The wound now has even haired over and you can't see where it was. Underwoods is great stuff, and although a bit pricey to buy, it's not particularly expensive to use.
We've used Pink Lady on minor wounds and not so minor sunburn. It worked well for situations that Underwoods or Granulex would not have been good for. Pink Lady is also good for hives and itchy insect bites. You just have to live with the fact that your horse will look like you've splashed Pepto Bismol on it...
Plain Old Dee, horses Dancer and Rain I believe in dragons, unicorns, good men and other mythical creatures!