The concept of vulnerability is now deeply embedded in English drug policy, influential in governing practices such as prevention and treatment activity but yet to be subject to critical scrutiny. In this paper, we offer an appraisal of the vulnerability zeitgeist in contemporary drug policy, drawing upon insights from similar endeavours across a range of policy areas to consider the underlying assumptions and various effects of this conceptual logic. Using an approach to policy analysis which supports the questioning of deep-seated assumptions and implications of particular representations of 'problems' in social policies (often referred to as the 'What's the Problem?' [WPR] approach, Bacchi and Goodwin, 2016), we analyse the 2017 Drug Strategy to facilitate a close perspective on the texture of governance in relation to people who use drugs in England. We explore how vulnerability and drug use are in Bacchi's (2018; 6) terms 'problematized' and 'made 'real'' as a specific kind of phenomenon, drawing attention to the presuppositions and potential effects of being labelled (or not) as vulnerable. We argue that alongside bolstering targeted support, the current problematisation of vulnerability in English drug policy supports the operation of subtle disciplinary mechanisms to regulate the behaviour of those deemed vulnerable, underplaying the role of material inequalities and social divisions in the unevenness of drug-related harms. We then use the WPR approach to guide a discussion of the burgeoning multidisciplinary literature on vulnerability, exploring orientations and effects of alternative representations of the 'vulnerable' drug users. Producing the 'vulnerable' subject in these alternative ways creates a different and deeper understanding of the 'problem' and consequently its 'solutions', allowing more space for human agency to be considered and directing attention beyond drug policy towards tackling the diverse multiple social marginalisations which make some people more likely than others to experience drug-related harms.