The ability of medication to help reduce swelling in the ankles and feet depends crucially on the cause of that swelling, as MedicineNet.com points out. Swelling caused by infection may be treated by antibiotics, and swelling caused by gout or congestive heart failure may also be treated with medication.
In addition, ankle swelling caused by blood clots may be treated with blood thinners, explains WebMD. However, ankle and foot swelling caused by trauma or injury is typically not treated with any kind of medication but with elevation and application of ice. Swollen ankles in particular can be a symptom indicating underlying medical problems that require immediate treatment, especially when seen in pregnant women and patients undergoing chemotherapy; such patients should contact their doctors as soon as possible.