It sounds an experiment we had to do in school, like the classic separation of organic liquids. I would recommend running GC. If you have GC-MS the products would probably be in the library so you can tell what they are easily.
However, if it is actually a drug dissolved in water, HPLC should be ok. If its just one compound in the solvent you'll just get the one peak. But separation itself won't tell you what it is. You may need to run NMR, MS etc.
Once you decide what it may be from those analyses, you can run HPLC with the known pure material in a vial, alongside a vial of the sample. If the retention time is the same as the peak, you can be pretty confident its the right thing.