Important! It requires either Tyflow Free or Tyflow Pro and at least 3DS Max 2020.

This is a procedural effervescence Tyflow setup. Ready to use, just replace the generic pill with your own and it will update automatically.

Features:

• 2 separated flows for easy adjusting: the tablet (pill) and the bubbles
• The tablet falling to the bottom is also automatically simulated (physx), no need to keyframe anything
• The bubbles are created by using 2 events, one for emitting bubbles and the other for stuck to the pill bubbles (this one helps with the look of the pill while falling)
• Apart from turbulence and other forces, some bubbles will detach from the pill once is close to the bottom for an extra swirly touch.
• Ready to render on Redshift, using an instance-based workflow, which means it renders super fast no matter how many particles you use. But it will also work with V-ray and Octane.
• Physically correct motion blur on all render engines that support the Tyflow instancing system.

I've added a single exported frame as OBJ and Alembic for your convenience.