We show that hydrogen bonding mediated interpolymer complexes can be powerful drag reducers. The drag reduction levels in such associating polymer systems go up dramatically by a factor of 2-6, when compared with their non-associating polymeric precursors. Their shear stability is shown to be significantly enhanced too. Preliminary studies have been done on these complexes to elucidate their structure and also understand the mechanism of their action. The site specific hydrogen bonding is detected by FT IR and NMR studies and the sizes of the molecular clusters are established by light scattering studies. Shear viscosity studies throw some additional light on the shear stability. A preliminary mechanistic explanation has been offered for the observed enhancement in shear stability. The present studies are likely to lead to the development of a new class of shear stable polymers with potential applications as drag reducers, additives in lubricating oils, etc.