There is a page counting chip on the drum unit. When the drum gets to a certain number of prints the printer shuts down the chip. (Approx. 30,000 pages but see below).
The printer counts four passes or four pages for each colour print. If your drum was working correctly prior to the "Image drum light" appearing, you can replace the chip on your drum unit and continue printing.
OPC Drum - 108R00647 / 108R00648 / 108R00649 / 108R00650 / 108R00697
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http://www.zinetic.co.uk/xerox_phaser_7400_imaging_drum_reset_chip-details.aspx