
Step 1: Add a new layer
Step 2: Set your foreground color to light blue.
Step 3: Select the rounded rectangular tool. In your options bar set the radius to 40 pixels.
Step 4: In the options bar, click on the third icon from the left (fill pixels).
Step 5: Draw your shape on your stage.
Step 6: Apple+click on your shape layer.
Step 7: Add a new layer.
Step 8: GRo under the select menu, under modify, and choose contract. Enter 20 pixels. Click ok.
Step 9: Press the letter "d" then the letter "x" to set your foreground color to white.
Step 10: Press option+ delete.
Step 11: Press apple+d.
Step 12: Go under the filter menu, under blur, choose gaussian blur. When dialog box appears, enter 10. Click ok.
Step 13: Select the move tool.
Step 14: Using the arrows on the keyboard, move your blurry white layer down to the bottom of the pill shape.
Step 15: Hold down the apple key and click on the pill layer in your layers pallet.
Step 16: Press shift+apple+I to inverse your selection.
Step 17: Press the delete key.
Step 18: Press shift+apple+I.
Step 19: Create a new layer.
Step 20: Set your foreground color to a darker blue than your original blue.
Step 21: Fill your selection by pressing option+delete.
Step 22: Deselect by pressing apple+d.
Step 23: Hold the the apple key and click once on the layers pallet. ( Be sure not to change layers. You should still be on the dark blue pill layer.)
Step 24: Press delete to knock a soft hole out of the blue pill shape.
Step 25: Select the rectangular marquee tool.
Step 26: Place your mouse inside the selected area and drag the selection upward a little bit. Tap the delete key.
Step 27: Repeat step 26 one or two times until you're almost to the top of the pill. ( Make sure to stop just short of the top.)
Step 28: Deselect by pressing apple+d.
Step 29: Apple click on your pill layer to put a selection around it.
Step 30: Create a new layer.
Step 31: Go under the select menu, under modify, choose contract. Enter 20 pixels. Click ok.
Step 32: Press the letter "d" then "x" to set your foreground to white.
Step 33: Select the gradient tool. In the options bar, click on the down facing arrow next to the gradient thumbnail. Choose the second gradient( foreground to transparent).
Step 34: Drag this gradient from the top of your selection to the bottom.
Step 35: Deselect.
Step 36: Select the move tool. Using the arrows on the keyboard, move your white gradient layer upward to where it is almost at the top, but leave a gap of dark blue between your white gradient and the top of the pill. ( This creates the highlight area of the pill.)
Step 37: Press apple+t. Go under the edit menu, under transform, choose perspective.
Step 39: Grab the left bottom corner, and click and drag outward just a bit to add a perspective effect.
Step 40: Press enter to let photoshop know that you're done.
Step 41: Hide your background layer. Merge visible.
Step 42: Choose drop shadow. In the dialog box, click the color swatch.
Step 43: Click on a blue selection of your pill to colorize the shadow.
Step 44: Lower the opacity to 50%, set the angle to 90º, distance to 45, size to 32, turn off use global light. Click ok to complete the effect.