Without actually seeing the eye, I'm always remiss to make treatment recommendations - is it 'typical' pinkeye - infection with one of the Moraxella species of bacteria, is there a viral (IBR) component, chlamydia/mycoplasma, or is it the result of an injury? Just so many variables.
For routine pinkeye, treatment with systemic tetracycline (LA 200, etc.) is my preferred treatment - if you dose properly, you're constantly 'bathing' the eye with therapeutic levels of the antimicrobial, since drug levels in the tears are comparable to those in blood. We are, however, seeing more and more bacterial isolates - particularly some of the M. ovis and M.bovoculi strains, that are not susceptible to oxytetracycline.
Anything you squirt in the eye - whether it's V.pinkeye spray, nitrofurazone powder, mastititis treatment, penicillin or LA-200 will be washed away by normal tearing in less than 10 minutes - and even faster in those heavily tearing infected eyes.
I did subconjunctival penicillin injections, back in the Dark Ages, but never really felt like they helped much, and in truth, once the puncture sealed over and the drug stopped leaking out, any benefit was probably over.
A pinkeye patch can do wonders in conjunction with appropriate antimicrobial therapy. For animals that were in danger of having the eye rupture - or were not likely to be caught again, I used to either sew the third eyelid to the upper lid or sew the lids shut - with absorbable sutures that would break down in 7-10 days - but for most cases with the cattle most folks here at SP are dealing with - 'cause you can get your hands on 'em - I'd opt for the patch.
The Vetericyn stuff is a pet peeve of mine - Does no harm - and certainly, flushing a wound or infected eye multiple times a day will, in most cases, have a positive effect - but there is nothing about its makeup that makes it worth what folks are paying for it, or any reason to think that it's more effective than irrigating with saline.
But, you say, it disinfects! Does it? We don't usually use bleachon wounds - they always taught us not to put anything in a wound that YOU wouldn't put in your own eye - but we routinely use diluted chlorine bleach at a 1:20 dilution for cleaining/disinfecting equipment & surfaces - that's about 200 times more concentrated than what's in the commercial pinkeye spray. Just seems like fairy dust to me - but perception is reality for so many folks.