A drug delivery stent is formed by a metallic or polymeric tubular strut which is shaped into a generally cylindrical configuration, the tubular strut having a central lumen for containing a therapeutic substance or drug therein. The tubular strut has a continuous channel extending from the inside surface of the strut to the outside surface of the strut positioned spirally about or in a corkscrew fashion around a circumference of the tubular strut for delivering the therapeutic substance or drug to a stenotic lesion. The spiral or corkscrew channel width may be varied along the length of the strut to control elution rate and/or flexibility of the stent. The pitch of the spiral or corkscrew channel may also be varied along the length of the strut to control flexibility of the stent. The stent may be carried on a balloon of a balloon catheter to a site of a stenotic lesion where the stent is implanted.