This paper aims to further give full play to the important role of drug traceability codes in maintaining drug safety and public interests, and overcome the problem of information asymmetry in the field of medical insurance funds. By listing the interest subjects in the supervision of medical insurance funds, analyzing the manifestations of information asymmetry among multiple subjects, and with the help of the theory of information asymmetry, dissecting the problems in aspects such as information disclosure, acquisition, transmission and feedback in supervision. Based on a full understanding of the collection mechanism of drug traceability codes, as well as their existing advantages and disadvantages, and drawing on beneficial practices abroad, we explore new paths for them to empower the supervision of medical insurance funds. The construction of the drug traceability code system in our country is at a critical stage, with problems such as inaccurate information, difficult interpretation and poor sharing. Therefore, it is suggested that the drug traceability code be optimized from the four modules of information disclosure, update, sharing and release, the medical insurance fund settlement system be improved, the training of underwriting personnel be strengthened, the responsibility for fraud and deception in medical insurance be seriously pursued in accordance with the law, the construction of the talent team be improved and the public be encouraged to participate in supervision.