First, have you ever cleaned the drive? Optical drives can get quite dirty inside. You can pick up a drive cleaning disk for US$5-10 at most home entertainment stores or office stores that sell computer accessories. Given your drive is older that could be a cheaply-fixed issue. I've used on to restore full operation to the SuperDrives in three older Macbook Pros whose drives had been pronounced dead by Apple techs, back when that was a US$150 parts + labor charge.
After dirt, the majority of issues we see here with "portable/mobile" or "bus-powered" external optical drives are power-related. Optical drives can demand more power than the computer's USB port can furnish. In addition to running the electronics, they must turn a motor. That really ramps up the neediness.
So try swapping ports first. Your Thunderbolt ports may give more power.
Next I would try adding a self-powered hub or dock between the drive and the computer. Those have independent power supplies and that may be enough to make the drive happy.
Many bus-powered drives, especial the "low-cost" ones. have a one combo power/data cable that is fixed and cant be replaced. If the cable develops a fault, you have to replace the entire drive.
If you shop for a newer drive, look for these attributes:
— tray-loading (more reliable and easier to keep clean)
— self-powered (has it own power supply)
— Has separate, replaceable power and data cables (in case the cat chews through one 🐈⬛)
— optional: supports USB 3.x