We've used this (the white stuff) in pump application with good success at minimizing packing leakage and reducing packing adjustments and re-packs.
The "injectable" packing is basically like a spitwad made of packing material. However, the consistency is too thick for us to apply with the injector (large grease gun). Recommend installing by hand - you can try topping it off through the injection port after everything is assembled.