According to Drugs.com, both Neosporin and Polysporin contain bacitracin and polymyxin as active ingredients; however, Neosporin also contains a third active ingredient called neomycin. Another brand name for Neosporin is Lanabiotic. Duospore is another brand name version of Polysporin.
Both products are antibiotic ointments applied to the skin to treat and prevent infection in minor wounds, states Drugs.com. Neosporin is also used to treat minor burns.
Drugs.com recommends that neither product should be used for longer than one week without consulting a doctor. There are no common side effects with using either ointment; however, some people might have a severe allergic reactions. Symptoms might include a rash, hives, difficulty breathing, redness, burning or swelling.