I’m involved in the data wrangling in this study. It has been accepted and published in the Equine Veterinary Journal. PM me if you would like a pdf of the original.
Dr. Preston is a PhD, not a vet, but she has been very involved on the track her entire life as a jockey and owner.
The results of this study indicate A) EIPH actually does not seem to have long term negative effects, as long as it does not progress to epistaxis (blood visible from the nostrils) B) It does not, in most cases, seem to be a progressive disease. I.e., horses that score a 3 will sometimes go back down to scoring 1s and 2s. Most horses that score 1s or 2s will never go any higher than that.
If you read the original, there is a citation (I think of a South African study) that indicates that horses on Lasix will often still bleed at the 1 - 2 level. That’s just one study but still interesting.
This was a longitudinal study made possible by the excellent data collection of the Hong Kong Jockey Club, so we’re not really aiming (or even able at this point) to answer the “why” so much.
Further publications (in progress) will look at actual race times and winnings of horses that are EIPH+ versus those that aren’t.
The big takeaway here- horse welfare is NOT compromised due to the lasix ban in Hong Kong.