Translation:I need to take medicine three times a day.
No exactly. Every day is 每天.
每天 X 次 is more or less "X times everyday".
一天 X 次 is more or less "X times a day"
The meaning can be the same in most cases.
丸 (wán) = pill
药 (yào) = medicine (in any form; pill, liquid, injection, "tea", patch...)
药丸 = medicine pill