Third−party logistics (3PL) has a relatively perfect distribution system in solving the drug distribution of the medical community and optimizing the distribution efficiency of pharmaceutical enterprises, and it has gradually become an indispensable component of drug distribution. By constructing the co−opetition model of “Pharmaceutical Enterprises—3PL”, this paper explores the game strategy choice between pharmaceutical enterprises and 3PL for the solution of drug distribution under the condition of information asymmetry, and it puts forward some suggestions to improve the competition and cooperation mechanism between pharmaceutical enterprises and 3PL in drug distribution in the medical community.