Etymology
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panacea (n.)

"universal remedy," 1540s, from Latin panacea, a herb (variously identified) that would heal all illnesses, from Greek panakeia "cure-all," from panakēs "all-healing," from pan- "all" (see pan-) + akos "cure," from iasthai "to heal" (see -iatric). Earlier in English as panace (1510s).

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Definitions of panacea
1
panacea (n.)
hypothetical remedy for all ills or diseases; once sought by the alchemists;
Synonyms: nostrum / catholicon / cure-all
2
Panacea (n.)
(Greek mythology) the goddess of healing; daughter of Aesculapius and sister of Hygeia;
From wordnet.princeton.edu