From Wikipedia:

The panacea, named after the Greek goddess of universal remedy Panakeia, Panacea, also known as panchrest, was supposed to be a remedy that would cure all diseases and prolong life indefinitely. It was sought by the 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.

Pasted from <https://en.wikipedia.org/wiki/Panacea_(medicine)>