Little is known about Amazo Pills other than the name. Certain inferences can be be made based on it, however.
Amazo Pills are named after an android created by one Professor Ivo, which was able to duplicate all the superhuman abilities of the Justice League of America.
It is likely, therefore, that the pills duplicate this effect to some extent, and presumably allow the user to duplicate the powers of nearby superhumans. Amazo himself was able to duplicate even powers granted by artifacts such as Green Lantern’s ring or Wonder Woman’s lasso – it is unlikely that the drug is anywhere near this powerful.