How Can A Nipple Scab With Peeling Skin Be Treated?

I've had my nipples pierced for almost a year. I tore the one a little bit on my shirt about 2 months ago and it healed. When it healed the skin peeled off (almost like a scab, but not the brown scab color). I figured it was just new skin growing, but this new skin peeled off after about 2 weeks also. Then new skin formed and did the same (this has been occurring for about 2 months), just in this one small area around my nipple. I was wondering what is going on and if I am able to get a medication to take care of this.