If it has an odor and drains you might as the vet about direct application of an injectible antibiotic or steroid.
Even if you don't feel its an infection the odor makes me suspicious that there is something going on there.
You might also try helping it drain with hot packs. If its built up sebum he is losing getting more of it out might help. The warm/hot damp compresses can increase circulation in the area which might help with the drainage too.
Hope this helps you!
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