Is it really a dropped stitch? If so, you should be able to find the stitch at the end of the ladder. If, however the hole is due to a yarnover, you'll have an extra stitch on the needle. You could drop that stitch off the needle and let the column run down to the hole. The sts may even out and the extra yarn redistribute.
Count the number of sts on the needle and see whether you're over or under the expected total.
If no repairs to the hole are satisfactory, it might be best to just rip it out down the to hole and re-knit it.