A modified low-Re $k-varepsilon$ model is used for the calculation of drag-reducing turbulent flow by polymer injection in a pipe. With the viscoelastic model, molecular viscosity in the definition of turbulent viscosity is related to elongations viscosity of the solution to account for the effects of drag reduction. Finite volume method is used for the discretization, and power-law scheme is used as a numerical scheme. Computed dimensionless velocity profiles are in good agreements with the experimental data in case of low drag reductions. However, in case of high drag reductions, they deviate largely from the measurements in the central zone of the flow field.