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nostrum (n.)

c. 1600, "a medicine made of secret ingredients by secret methods," but commonly "quack medicine," from Latin nostrum remedium "our remedy" (or some similar phrase), presumably indicating "prepared by the person offering it," from Latin nostrum, neuter of noster "our," from nos "we," from PIE *nes- (2); see us. In extended use, "a pet scheme for accomplishing something" (1749).

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Definitions of nostrum from WordNet

nostrum (n.)
hypothetical remedy for all ills or diseases; once sought by the alchemists;
Synonyms: panacea / catholicon / cure-all
nostrum (n.)
patent medicine whose efficacy is questionable;
From wordnet.princeton.edu