The universal panacea (PAN-uh-see-uh), one of the goals sought by many alchemists, was a remedy that would cure all diseases and prolong life indefinitely. Sought by many 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.
Compare: patent medicine, snake oil
Panax is the genus name for ginseng, a valued root in Chinese medicine.
