A solution or remedy for all difficulties and illnesses.
1) The law will improve the lives of local farmers, but it is no panacea.
2) She seems to believe that chicken soup is a panacea for all illnesses.
Latin, from Greek panakeia, from panakēs which means 'all healing'. Pan means 'all' while akos means 'remedy'.
elixer, nostrum, cure-all, theriac, catholicon