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 dystopia based on an ersatz 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 ...

Perhaps you are mis-remembering?

**edit**

@LethalCarrot: I've turned it into an answer. Happy now?