IMO, it doesn't matter what you have in your first aid pack 
  if you don't know how to administer first aid.  I think everybody needs a 
  course in first aid every couple of years just to keep fresh.  First aid 
  for people will give you a lot of savvy about taking care of your horse in an 
  emergency situation.
   
  That said, here's some stuff I keep on hand in the 
  barn.
  Sanitary napkins for covering bleeding 
  wounds.
  Banamine (refrigerate)
  Dipyrone (ditto)
  Empty large syringes 
  (without needles) for washing out wounds.  I got a huge bag of them from 
  the blood bank, free)
   
  We ride for a Mounted Patrol Unit and in our packs we 
  take:
   
  paper and a pencil with duct tape wrapped around 
  it
  compass
  aspirin (1st aid for heart attacks)
  mini pads
  adhesive tape/vet wrap
  bandaids
  sugar (for diabetics)
  alcohol swabs
  safety pins
  string
  CPR mask
  emergency blanket
  matches
  power bar
  All this stuff fits in a tiny pack.