The most common and most likely answer to this crossword clue is the 6 letter word CAPLET
C
A
P
L
E
T
Buddy explains!
The straight part
We know that "pill" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case pill = caplet.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CAPLET mean?
CAPLET noun- A smooth-coated tablet (pill, as in medicine) shaped like a capsule, used as a tamper-resistant alternative to a capsule, or an easy-to-swallow alternative to regular tablets.
- A component of an interest rate cap, a derivative instrument that effectively prevents the interest payments on an otherwise variable-rate loan from exceeding an agreed level (the "cap"). Each "caplet", analysable as a call option, covers one interest accrual period (such as three months); the whole interest rate cap is made up of a series of consecutive caplets.