Problems with Western Digital External Hard Drive

Hello,

I am having an issue with my external hard drive not recognizing when I plug it into my computer. The disk will show up in My Computer as a local disk (I had given it a name, but the name doesn't show), and when I double click to access, it gives me this message:

"[drive location] is not accessible. The parameter is incorrect."

My suspicion is that the cause was the hard drive dropping on the floor from a height of about 1ft. What next steps should I be taking? Can the data be saved? Is my hard drive permanently damaged?

Thanks in advance for any help.