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The panacea //, named after the Greek goddess of universal remedy Panacea, is any supposed remedy that is claimed to cure all diseases and prolong life indefinitely. It was in the past sought by alchemists as a connection to the elixir of life and the philosopher's stone, a mythical substance which would enable the transmutation of common metals into gold.
A panacea (or panaceum) is also a literary term to represent any solution to solve all problems related to a particular issue. The term panacea is also used in a negative way to describe the over use of any one solution to solve many different problems especially in medicine.
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