The singer has lost a friend/lover to drugs ('chasing the dragon' is a term used to refer to the taking of opiate drugs, usually heroin) and is remembering all the good times they had together, but has since given them up as a lost cause, fed up of them dragging him down with them.
The singer has lost a friend/lover to drugs ('chasing the dragon' is a term used to refer to the taking of opiate drugs, usually heroin) and is remembering all the good times they had together, but has since given them up as a lost cause, fed up of them dragging him down with them.