Source : Webster's Revised Unabridged Dictionary (1913)

Panacea \Pan`a*ce"a\, n. [L., fr. Gr. ?, fr. ? all-healing; ?,
   ?, all + ? to heal.]
   1. A remedy for all diseases; a universal medicine; a
      cure-all; catholicon; hence, a relief or solace for
      affliction.

   2. (Bot.) The herb allheal.

Source : WordNet®

panacea
     n : hypothetical remedy for all ills or diseases; once sought by
         the alchemists [syn: {nostrum}, {cure-all}]