- Mimics the effect of Isaac's held pill, like Blank Card does with cards and Clear Rune does with runes.
- Does not consume Isaac's held pill.
- Does not mimic cards or runes.
Recharge time 
In Repentance, Placebo's recharge time changes depending on the pill Isaac was holding when he used it. This is a list of the following recharge times the item can have:
- 1 Room:
- Bad Gas
- Bad Trip
- Bombs are Key
- Feels like I'm walking on sunshine!
- Friends Till The End!
- I Found Pills
- Something's Wrong...
- 2 Rooms:
- 3 Rooms:
- Explosive Diarrhea
- I'm Drowsy...
- I'm Excited!!!
- Lemon Party
- Power Pill!
- R U A Wizard?
- Retro Vision
- 4 Rooms:
- I can see forever!
- Stat-downs (health, range, speed, tears, luck, shot speed)
- 6 Rooms:
- Experimental Pill
- 12 Rooms:
- 48 Hour Energy
- Balls of Steel
- Full Health
- One makes you larger/small
- Pretty Fly
- Stat-ups (health, range, speed, tears, luck, shot speed)
Golden Pills use the recharge time of the pill they mimicked. Recharge time is unaffected by whether or not it was a normal pill or Horse Pill.
Note that because the recharge time is determined after using the pill, Placebo cannot be used as a way to narrow down what type of pill Isaac is holding before he uses it.
- Balls of Steel + Sharp Plug: The player can gain functional invincibility.
- The Wafer: Allows for Virtually infinite health.
- 48 Hour Energy: Can spawn an unlimited number of Lil' Batteries, allowing unlimited use of another activated item or pill.
- Vurp: Allows pills that normally take 12 rooms for Placebo to charge to be used twice as frequently.
- Butter! Because Placebo is dropped upon usage, the recharge time is reset to 4, allowing to use more expensive pills much more frequently.
- Starter Deck: All pills are replaced by cards, rendering Placebo useless.
- If used with Bethany or Tainted Bethany, using a pill that has a larger charge requirement than Placebo's current will still consume soul or blood charges equal to the difference (likely a bug).
- Placebo is a medicine or procedure prescribed for the psychological benefit to the patient rather than for any physiological effect.
|Bug!||Strange behavior when the player has a 12-charge pill, Placebo is dropped on the ground with more than 4 charges and the player has Battery - when the player re-equips Placebo, it's capped at 8 charges, which stack strangely in the UI|
|The Binding of Isaac: Rebirth|
|Achievements||Attributes||Bosses||Cards and Runes||Challenges||Chapters|