There is the Brave New World, by Aldous Huxley. But that is a novel rather than a short story.
It does, however, have all the aspects you mention. From designer drugs, to an enthralled citizenry. It's a famous dystopia based on an ersatz drugged up happiness, whereas the other famous dystopia, was 1984, an indictment of a surveillance society that Orwell intended as a comment on the former Soviet Union, but can equally work as a warning to our own society, given how pervasive surveillance has become in our own society with the complicity of a few ...
Intoxication is the theme that connects the two. In the former, the very real intoxication based upon drugs; and in the other, an intoxication based upon the power that pervasive surveillance gives.
Both of them served as a mirror of the world that Orwell and Huxley saw unfolding in front of them. In a sense, they were the real news, as some say fiction can be. Because whilst news get stale as people's attention turn to something, a story that really gets to the real reality of things can last must longer than the mere happenstances of the time.
This is why people read, even now, *1984, Animal Farm and Brave New World, because they are revealing as well as great writing ... it's by these that we judge what great writing is.
Perhaps you are mis-remembering?
edit
@LethalCarrot: I've turned it into an answer. Happy now? It seems not, judging by your reaction ... some people are impossible to satisfy.